Chairman of BUA Group, Abdul Samad Rabiu, has praised the foreign exchange policy reforms implemented by the Central Bank of Nigeria (CBN), asserting that the elimination of currency distortions has restored transparency and simplified access to foreign exchange for manufacturing enterprises across the country.
Speaking in Abuja on the sidelines of the 32nd Nigerian Economic Summit, the industrialist noted that corporate executives no longer need to engage in high-level administrative lobbying to secure required foreign exchange for industrial operations.
Rabiu revealed that prior to the market unification reforms, corporate organizations faced severe operational bottlenecks that forced chief executives to make routine visits to the central bank in search of foreign exchange allocations.
”I was making a joke a few weeks ago that I’ve only seen the current CBN Governor maybe twice since his appointment. That’s because I don’t need him. Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive,” Rabiu stated.
Describing the previous dual-exchange rate system as an artificial structure that created market distortions and acute scarcity, the BUA chief emphasized that official exchange rates under the old regime were largely inaccessible to genuine market players.
”The rate was N500 or N600 officially, but nobody could get it. On the street, it was closer to N1,000. It was an artificial rate,” Rabiu said.
He explained that the ongoing currency unification has established a level playing field for industrial enterprises, ensuring that commercial banks process foreign exchange transactions based on transparent market-determined rates.
”Now, the rate you get is what everyone else gets. You go to the bank, you get FX at the market rate,” he added.
The industrialist further urged the federal government to maintain long-term policy consistency to build investor confidence, noting that large-scale manufacturing and infrastructure projects require stable regulatory environments to thrive.
He emphasized that sustainable economic growth must translate into expanded local production capacity, increased employment opportunities, and improved living standards for citizens across the nation.
Calling for strategic investments in domestic infrastructure and regional trade integration, Rabiu urged Nigerian businesses to capitalize on the African Continental Free Trade Area by optimizing port operations, transport networks, and cross-border payment platforms.
”Infrastructure is not simply about building roads and railways; it is about building one connected, competitive Nigerian economy,” Rabiu emphasized.
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