Two Years of President Tinubu: A Business-Focused Review

As Nigeria reflects on two years of leadership under President Bola Ahmed Tinubu, it is crucial to assess this journey through the lens of business, economic growth, and industry development. Speaking as the Chairman of BUA Group—one of Africa’s most diversified conglomerates—and as someone deeply involved in Nigeria’s evolving economic reforms, I have witnessed both the costs of inefficiency and the rewards of bold governance.

Eliminating the Fuel Subsidy

The removal of fuel subsidy stands as one of the defining economic decisions of this administration. Previously, petrol was sold in Nigeria for as low as ₦200–₦250 per litre—equivalent to around 25–30 cents—an amount unsustainable by global standards. During a trip to Saudi Arabia for lesser Hajj earlier this year, I observed that fuel prices there, converted to naira, were nearly ₦1,500 per litre.

Nigeria was essentially funding cheaper petrol for neighboring countries. I recall being told by former President Bazoum of Niger Republic that nearly 100% of their PMS consumption came from Nigeria. With the removal of the subsidy, fuel consumption in Nigeria has dropped by 40–50%. This is not due to decreased local demand but because foreign siphoning has significantly reduced.

Subsidy removal ensured that only Nigerians benefit from imported fuel. The financial resources previously allocated for subsidy are now being redirected into critical infrastructure, state funding, and developmental programs. The states are now receiving increased allocations, enabling them to make tangible impacts. President Tinubu made this necessary, though controversial, decision on his first day in office—a move that arguably saved the country from financial collapse.

Foreign Exchange Market Reform

Another key reform is the unification of the foreign exchange regime. Before this, businesses like mine had to constantly seek foreign currency allocations from the Central Bank of Nigeria (CBN), which was exhausting and unsustainable. The official FX rate from the CBN stood at around ₦500, while the parallel market soared to ₦800–₦900.

Now, under the reformed FX market, business operations are smoother and less dependent on government bureaucracy. I no longer need to make frequent visits to Abuja to secure foreign exchange. With a transparent and accessible FX system in place, businesses can focus on growth rather than administrative hurdles.

Stability, Transparency, and Confidence in Business

There is a noticeable improvement in the business climate under President Tinubu. Arbitrary decisions and politically influenced business shutdowns have declined. For instance, BUA Foods once faced an abrupt shutdown at its Port Harcourt facility due to personal biases within the Nigerian Ports Authority (NPA). That kind of abuse of power has drastically reduced.

The Port Harcourt plant, which saw over $500 million in investment and employed over 4,000 Nigerians, now operates with stability and confidence. The environment today no longer demands presidential access for fair treatment. Businesses are judged on merit, and government agencies are held accountable.

Infrastructure Investment as an Economic Catalyst

The reallocation of funds from subsidy savings and FX reform is evident in large-scale infrastructure projects. Roads such as the Lagos-Calabar highway, Sokoto-Badagry route, Kwara tax credit projects, and the Kano-Kongolam road are progressing. These projects are reducing logistics bottlenecks and stimulating business growth by lowering transportation costs.

Continued Investment and National Confidence

Since Tinubu took office, BUA Group has invested over $1 billion in expanding operations, including doubling flour and pasta plants in Port Harcourt and Lagos. The group also commissioned Nigeria’s first POP plaster plant and is launching a 30MW solar power project in Sokoto State.

Furthermore, the BUA LNG project in Ajaokuta is nearing completion. A stable exchange rate and open FX access have fueled this wave of investment. Investors can now access up to $200 million weekly for trade without lobbying.

Tackling Food Insecurity with Practical Solutions

President Tinubu also addressed food price inflation. His six-month tariff waiver disrupted the harmful practice of rice hoarding. Typically, post-harvest scarcity would push rice prices up to ₦110,000 per bag due to artificial shortages. The waiver enabled immediate milling of imported rice, effectively sidelining hoarders and stabilizing prices—a clear demonstration of policy foresight.

The “Nigeria First” Policy and Local Production

The President’s “Nigeria First” initiative aligns with BUA’s commitment to backward integration. BUA’s cement production relies almost entirely on local inputs—limestone from Nigerian mines and locally sourced gas. Without this domestic capability, cement prices could have surpassed ₦15,000 per bag, given port and import limitations.

This policy supports local industries, stimulates employment, and protects the economy from global price shocks. With its natural resources, population, and renewed leadership, Nigeria is primed for sustainable growth.

Final Thoughts

President Tinubu’s administration has made three game-changing decisions: fuel subsidy removal, FX market unification, and the establishment of fairness and transparency in the economy. These actions have laid a solid foundation for national development. With bold leadership and pro-business reforms, Nigeria’s potential is finally being unlocked.