Nigerian Tycoon, Tony Elumelu Says Naira Becoming Stable, Signals Renewed Investor Confidence

Prominent African entrepreneur and philanthropist, Tony Elumelu, has expressed optimism about the current trajectory of Nigeria’s economy, stating that the country’s currency, the naira, is becoming increasingly stable.

Speaking at the 2025 Qatar Economic Forum, Elumelu who is Chairman of United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation, emphasized that the relative stability of the naira is a positive signal for both domestic and international investors.

“The naira is becoming quite stable. For investors, particularly in frontier markets like Nigeria, predictability and transparency are essential. This current trend is encouraging,” Elumelu said during a panel discussion.

The Nigerian naira has faced significant volatility in recent years, especially following the Central Bank of Nigeria’s 2023 policy to allow the currency to float freely in the foreign exchange market.

The move initially triggered a sharp devaluation but has since led to gradual market adjustments and, more recently, signs of stabilization.

Elumelu noted that while currency fluctuations are a common challenge in developing economies, they also offer strategic opportunities — particularly for those who understand the local economic landscape.

“Volatility presents risk, but it also presents opportunity. Stability is what gives investors the confidence to commit capital and plan long-term,” he said.

His comments come amid broader efforts by the Nigerian government to attract foreign investment and implement structural reforms aimed at revitalizing the economy.

Industry analysts say Elumelu’s remarks could help reinforce confidence among stakeholders, especially given his track record as one of Africa’s leading business figures.

The tone of optimism expressed by Elumelu adds to a cautiously positive outlook for Nigeria’s economy, where currency stabilization is seen as a critical milestone toward sustainable growth.