Browsing: Bola Tinubu

Nigeria's cost of living crisis
  • Nigeria’s cost of living crisis has been the worst in decades, exacerbated by worsening food insecurity and record inflation. 
  • The lack of enough resources has led to insecurity in Nigeria as people fight for scarce resources and food.
  • In response to Nigeria’s cost of living crisis, Tinubu announced a state of emergency in July and intends to begin grain distribution in the coming weeks.

Tinubu’s Reforms worsen Nigeria’s cost of living crisis

Nigeria, Africa’s largest economy, is grappling with the worst cost of living crisis in decades and a worsening food security situation. A significant portion of the population is experiencing extreme food insecurity. After assuming power in May 2023, Bola Tinubu’s administration adopted bold but unpopular reforms that further strained the already-battered economy.

Nigeria imports food and fuel and was buffeted by rising commodity prices due to a glim global economic situation in the last two years. President Tinubu

President Bola Tinubu's economic policies have resulted in an upgrade of Nigeria's credit ratings
  • In a significant move by Moody’s Investors Service, Nigeria’s credit rating has been upgraded from stable to positive.
  • The devaluation of the Naira and the reduction of the oil subsidy are seen as bold steps towards fiscal responsibility. 
  • The recent devaluation of the Naira, a significant move by President Bola Tinubu’s administration, carries profound implications for Nigeria’s credit rating.

In a significant move by Moody’s Investors Service, Nigeria’s credit rating has been upgraded from stable to positive. This shift, while not altering the country’s credit rating, marks a potential turning point for the nation’s fiscal and economic health. The December 9th upgrade reflects the Nigerian government’s concerted efforts to stabilize its economy, spearheaded by President Bola Tinubu, amid a complex tapestry of challenges and reforms.

Credit ratings, as determined by agencies like Moody’s, are pivotal in the global economic landscape. They are a barometer for a nation’s creditworthiness, impacting …

Nigeria | Saudi Arabia | Nigeria-Saudi Arabia Business Council
  • The Nigeria-Saudi Business Council could see the Middle Eastern country fund several sectors of the West African economy.
  • Through the council, the Kingdom of Saudi Arabia plans to replicate various investments made in Pakistan, Indonesia, and India in Nigeria.
  • Africa has increasingly become the subject of high competition between global economic powers.

Nigeria anticipates multi-billion-dollar “immediate” investment flows from the Kingdom of Saudi Arabia. This follows the signing of an agreement between the countries to establish a business council. The Nigeria-Saudi Business Council could see the Middle Eastern country fund several sectors of the West African economy. These include technological advancements, telecommunications, energy, oil and gas, and agriculture.

The two countries resolved to restore the Nigeria-Saudi Business Council. Crown Prince Mohammed bin Salman Abdulaziz proposed the Business Council in 2019. However, the former president of Nigeria, Mahammadu Buhari, resisted the council.

“We expect to see significant investment flow immediately,” Abubakar …

South Africa | Africa's biggest economy | Egypt's economy | South Africa's economy | Nigeria's economy

South Africa is set to topple Nigeria and Egypt as Africa’s biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF’s World Economic Outlook, South Africa’s gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria’s GDP will reach $395 billion, with Egypt’s GDP reaching $358 billion.

South Africa, the continent’s most industrialised nation, is expected to maintain the top spot as Africa’s biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF’s World Economic Outlook, a report released last week.…

President Bola Tinubu

In his inaugural address on May 29, President Bola Tinubu stated his plans to revive Nigeria’s ailing economy. After being sworn in as Nigeria’s 16th President, Tinubu expressed his immediate objective to achieve higher GDP of not less than 6 per cent annually and a significant reduction in the unemployment rate.…

President Ahmed Bola Tinubu removes Nigeria's fuel subsidy

At his inauguration, Nigeria’s new president, Bola Ahmed Tinubu, announced that his administration would do away with the fuel subsidy. The announcement resulted in a spark in prices and long queues in Nigeria as people rushed to buy fuel before the price increase when the policy took effect on July 1.

When the policy to remove Nigeria’s fuel subsidy takes effect, fuel prices in Nigeria are expected to jump from the official pump price of $0.4 to between $0.76 and $1.18. According to the United Nations, Nigeria’s rise in fuel prices will have widespread economic ramifications for over 133 million citizens plagued by multidimensional poverty.…

Nigeria voting for change and economic rebound

Driven by a deep-seated hunger for change in Nigeria, on pins and needles citizens remain, eagerly awaiting the announcement of the country’s next president, which should happen any time from now, following the February 25th  general election. The slow collation and reporting of the votes by Nigeria’s electoral commission, the Independent National Electoral Commission (INEC), has only fueled the anxiety, coupled with whispers of electoral interference that the Commission has thwarted.

The three front-runners out of the initial 18 candidates are Peter Obi, Bola Tinubu and Atiku Abubakar. Results from 176,846 polling stations are being counted manually and then relayed electronically to the INEC’s headquarters in Abuja, which then posts them on its website.

As of February 28, Tinubu leads in 25 out of Nigeria’s 36 states. Tinubu leads with 36% which translates to 7 million of the valid votes counted, Atiku is close behind with 30% an equivalent of …