The billionaire entrepreneur and business magnate, Tony Elumelu, has expressed his confidence that the new leadership of the Central Bank of Nigeria will contribute to rebuilding confidence in the Naira and stimulating economic growth.
Elumelu disclosed this in an exclusive interview with Bloomberg TV in New York, saying the recent leadership change at the Central Bank of Nigeria, believing it could be a catalyst for restoring faith in the nation’s currency.
Despite this change, the Nigerian Naira continues to depreciate. Data from the Forward Marketing Bureau de Change Ltd. reveals the Naira’s unofficial rate at N992/$1, marking a substantial decrease from its starting rate of N900 Naira at the beginning of the month.
Elumelu, serving as the chairman of United Bank for Africa Plc and holding the largest stake in Transnational Corp. of Nigeria Plc, the country’s largest conglomerate, noted the palpable anxiety among Nigerians regarding the Naira’s future stability.
“The missing link has been poor leadership, and I believe that we all know there’s so much private global capital seeking the right investment destination,” Elumelu concluded.
Elumelu remains hopeful that the new leadership at the Central Bank of Nigeria will contribute to rebuilding confidence in the Naira and stimulating economic growth.
Transcorp, under Elumelu’s guidance, controls about 16% of Nigeria’s electricity generation capacity, operates hotels, and engages in oil exploration, positioning him strategically in sectors vital to Africa’s most populous nation.
