Elumelu Commend Tinubu’s  SME, Tax, Power Sector Reforms 

He said that the initiatives aim to bolster small and medium-scale enterprises (SMEs), overhaul tax structures, and revive Nigeria’s power sector.

Elumelu, who spoke to State House correspondents after meeting behind closed-door with the President at the Presidential Villa, Abuja, said discussions centred on sustaining economic stability, expanding entrepreneurial opportunities and addressing structural bottlenecks limiting business growth.

The business mogul, who said it was always a pleasure and a privilege to be granted an audience with Mr. President, said the meeting created an opportunity to share private-sector perspectives on the economy and to exchange ideas with the President in his capacity as a member of the Presidential Economic Council.

“I love to sit with my president and discuss economic issues, give feedback from what we think is happening the economy, and then constructively agree, you know I’m a member of Presidential Economic Council, to just rub minds,” he said.

He identified support for SMEs as the core focus of the talks, describing small businesses as the backbone of job creation, innovation and inclusive economic growth.

According to him, “Today we talked about small and medium scale enterprises, about how to further support Nigerian medium, small scale enterprises. Mr. President is very passionate … and from my discussion about capacitizing the small and medium scale entrepreneurs in Nigeria and I’m very happy to hear that, to feel that, to experience that because they are the engine of economic growth. We spoke a lot about it.”

Elumelu said that President Tinubu expressed strong commitment to leveraging tax reforms and targeted financial interventions to ease operational pressures on entrepreneurs and encourage business expansion.

“He talked about tax reform and how he want to use that to support small and medium scale enterprises. He spoke about Bank of Industry and I was super impressed. He even called the name of the CEO that, he likes what is going on, and he wants them to do more to support small and medium scale entrepreneurs in the country. To me, it was gratifying, he said.

“As you know, the Tony Elumelu Foundation always supports young entrepreneurs in Nigeria and across the world and so for me to be in audience with Mr. President, and to be discussing this is super-elating, super-exciting, it showed there’s congruence and alignment, and I believe that this is what Nigerian youth need. So I thank Mr. President for that commitment and looking forward to greater things happening, ” Elumelu said.

He further disclosed that both sides discussed the need to strengthen development finance institutions, particularly the Bank of Industry, to broaden access to credit for micro, small and medium enterprises nationwide.

On the macroeconomic outlook, Elumelu projected cautious optimism for Nigeria’s economy in 2026, citing improved financial system predictability and rising investor confidence linked to the Central Bank of Nigeria’s recent monetary policies.

He observed that foreign-exchange related pressures, which previously dominated banking concerns, have significantly reduced, enabling businesses to plan with greater certainty.

The business leader further disclosed that electricity supply and sector financing also featured prominently during the closed-door meeting with the President.

He stressed that access to reliable power remains fundamental to industrial productivity and national development, adding that the President acknowledged the urgency of settling outstanding debts owed to generation companies to unlock additional capacity and stabilise supply across the country.

Elumele noted that despite significant unpaid obligations within the electricity value chain, operators have continued to generate, underscoring the importance of timely financial settlements to boost output and attract further investment into the sector.

He also highlighted the alignment between government priorities and the Tony Elumelu Foundation’s objectives in nurturing young entrepreneurs, saying this synergy would strengthen Nigeria’s enterprise ecosystem and accelerate long-term economic expansion.

He expressed confidence that sustained focus on entrepreneurship, tax reforms, and energy sector revitalisation would reinforce the country’s recovery trajectory and lay a stronger foundation for broad-based, inclusive growth.

“In summary, I was impressed with Mr. President’s commitment to supporting small and medium-scale enterprises. I was impressed with Mr. President’s commitment to young entrepreneurs. I’m impressed with Mr. President’s commitment to energizing the power sector so that we can power Nigeria’s economy, ” he said.