Tinubu's Economic Reforms Stall, Plunging Nigeria into Economic Turmoil

Tinubu's initial economic reform push has stalled, reversing early optimism about reforms to help the struggling Nigerian economy.
The naira has hit record lows against the dollar and it's very difficult to access foreign currency from the central bank.
High inflation and negative real interest rates are deterring investment in Nigeria.
Low net foreign exchange reserves are hindering Nigeria's ability to float the naira.
Failure to lift fuel subsidies has worsened Nigeria's dollar shortage, as it continues importing gasoline.

reuters.com

Relevant topic timeline:

8/20/2023

How Nigeria's Inflation Rate Flew From 6.62 to 24.08 Percent

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Since President Tinubu's election in Nigeria, the country's private sector has faced challenges due to the removal of fuel subsidies and currency devaluation, resulting in high inflation rates, but some companies have continued to thrive, contributing to Nigeria's economy. Business activity, as measured by the Purchasing Managers' Index (PMI), has fluctuated throughout the year, indicating both improvement and deterioration in business conditions.

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Posted 9/28/2023, 12:15:00 PM