BUA Group chairman, Abdulsamad Rabiu, has described the policies implemented by President Bola Tinubu’s administration as necessary to boost businesses and stabilize the Nigerian economy.

Mr Rabiu, who spoke to journalists at his Lagos residence on Friday, urged Nigerians to exercise patience.

“The economy, I think, is going okay, although we all know that some of the reforms undertaken by His Excellency are still biting,” he said.

“As far as the business community is concerned, these reforms were necessary. Yes, some of them are quite painful, but we needed these reforms, especially the foreign exchange unification.”

Acknowledging the positive impacts of the policies on the foreign exchange market, Mr Rabiu commended Mr Tinubu for his efforts to strengthen the economy.

“At one point, the exchange rate was N500 officially and N800 on the parallel market, which was not acceptable. After unification, the rate initially spiked to almost N2000 but has now stabilized around N1,500 to N1,550. I am confident we will see further improvements as the market finds its balance.”

He further urged Nigerians to give the APC-led administration much time, insisting its efforts are geared towards bettering the country and its people.

“Mr President is doing a lot, and the government is working hard to ensure stability within the economy and other sectors. We just need to give them time. These reforms take time, and I believe things will definitely get better,” the BUA boss noted.

He added, “This government has only been in power for 18 months. They have another 24 months or so, and I believe we need to give them time. Things will definitely get better.”