Tinubu’s Economic Reforms Creating a Positive Shift for Nigeria

Founder and Chairman of BUA Group, Abdul Samad Rabiu, has commended President Bola Ahmed Tinubu’s economic reforms, describing them as a transformative turning point for Nigeria’s economy. As the administration marks its second anniversary, Rabiu emphasizes that the impact of Tinubu’s policies should be measured not only in political terms but also in how they have affected the business climate and national economic stability.

Fuel Subsidy Removal: A Bold and Necessary Move
Rabiu particularly praised the removal of the fuel subsidy, which he called a bold and necessary reform. He explained that selling petrol at extremely low prices—between N200 and N250 per litre made Nigeria’s fuel among the cheapest globally. During a recent trip to Saudi Arabia, he observed that fuel was sold for nearly N1,500 per litre, underlining how unsustainable Nigeria’s pricing had become. According to Rabiu, the fuel subsidy encouraged misuse and benefited not only Nigerians but also citizens of neighbouring countries who relied on subsidised fuel. Since the subsidy removal, he noted, fuel consumption has dropped by 40–50%, not because of reduced domestic demand, but due to the cessation of cross-border smuggling. He added that subsidy savings are now being redirected toward infrastructure, increased allocations to states, and other national priorities, thereby boosting development across the country.

Forex Unification: A Game-Changer for Business
Another major reform Rabiu acknowledged is the unification of Nigeria’s foreign exchange (FX) market. Previously, businesses like BUA struggled with accessing foreign exchange and were heavily dependent on the Central Bank of Nigeria (CBN). The dual-rate system created inefficiencies, market distortions, and a reliance on bureaucracy. Under the current administration and the new CBN Governor, the FX environment has improved significantly. Rabiu noted that businesses no longer need to rely on lobbying in Abuja for forex allocations. The transparent and streamlined process now allows companies to focus on productivity and expansion, reducing red tape and encouraging efficiency.

A More Stable and Fair Business Environment
Rabiu also applauded what he sees as a resurgence of fairness and stability in Nigeria’s business landscape. He recounted a previous experience where BUA Foods’ operations in Port Harcourt were disrupted due to political interference and arbitrary decisions. Under Tinubu’s administration, he believes such issues are less likely, citing a renewed commitment to transparent and fair governance that protects investments and businesses from undue political influence.

A Positive Economic Trajectory
Summing up his assessment, Rabiu emphasized that President Tinubu’s reforms reflect a forward-moving trajectory for the Nigerian economy. The business-friendly policies are fostering growth, enhancing investor confidence, and creating a more predictable and equitable environment for local and international businesses alike. “These reforms are laying the groundwork for a future where businesses can thrive, infrastructure can expand, and every Nigerian has a fair shot at economic participation,” he concluded.