The Chairman of BUA Group, Abdulsamad Rabiu, has expressed optimism that Nigeria’s exchange rate will strengthen significantly before the end of 2025, citing bold reforms introduced by President Bola Ahmed Tinubu’s administration.
Speaking on the state of the economy, the billionaire industrialist projected that the naira could appreciate to between ₦1,300 and ₦1,400 per dollar by December, a development he described as both realistic and worth celebrating.
According to him, the policy direction of the current administration has restored confidence in Nigeria’s financial markets, reduced over dependence on the Central Bank of Nigeria (CBN), and positioned businesses to operate more independently in sourcing foreign exchange.
“I expect that the exchange rate will strengthen even further. By the end of the year, the naira should come down to maybe ₦1,300 to ₦1,400, and this is something we should all celebrate,” Rabiu said.
Naira will Drop to ₦1,300 by Year-End – BUA Chairman, Abdulsamad Rabiu Lauds Tinubu’s Reforms
Rabiu highlighted that businesses now source forex without depending heavily on the CBN. He noted that the reliance on the apex bank for foreign exchange has “virtually disappeared,” thanks to reforms that allow companies to access forex abroad using ATMs and credit cards.
“These are all positives. We must give credit to His Excellency and the government. Their bold reforms and decisive policies are creating the foundation for a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike,” the BUA boss stressed.
Beyond the currency market, Rabiu also pointed to improvements in food prices. He argued that if Nigerians compare the cost of commodities today with what they were last year, there is already a visible reduction.
“If you look at the prices of food items last year and what we have today, you will see a significant reduction in many commodities. Things are clearly getting better, and we must continue to be patient,” he stated.
He further appealed to Nigerians to remain supportive of the government, stressing that meaningful reforms require time to produce sustainable results.
Tinubu’s Economic Reforms
President Bola Tinubu’s government has introduced a series of controversial but decisive reforms since assuming office in May 2023. These include the removal of fuel subsidy, the unification of exchange rates, and liberalisation of foreign exchange access.
While the policies initially triggered inflation and hardship, the administration has maintained that they are necessary sacrifices to stabilise the economy and restore investor confidence.
Rabiu aligned himself with this view, insisting that progress is already visible in the economy. He described Tinubu’s leadership as visionary and courageous, adding that the president’s determination is beginning to yield results.
The BUA chairman explained that the current trajectory is restoring business confidence, with local and international investors showing renewed interest in the Nigerian economy.
“Clearly, things are getting better, and we owe this progress to the vision and leadership of His Excellency, President Bola Ahmed Tinubu,” he declared.
Rabiu’s remarks echo a growing sense of cautious optimism among some private sector leaders who believe that the economic turbulence of the past year is gradually giving way to stability.
While acknowledging that many Nigerians are still grappling with rising costs and economic hardship, Rabiu urged citizens to be patient and supportive.
“Reforms take time, but the direction is right. We just need to be more patient and continue to support the government,” he said.
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