© Reuters. Morgan Stanley IM: Here’s how to unleash Nigeria’s human capital potential
Bola Tinubu, president of Nigeria since May 29, 2023, and his team of technocrats will have a unique opportunity to free up the country’s economy and attract foreign investors looking for sustained growth
According to the World Bank, the Nigeria it ranked among the top 15 fastest growing economies globally between 2001 and 2014, with an average growth rate of 7%. However, starting from 2015, the country’s economy slowed down, recording an average annual increase in GDP of 1.4%. Economic stagnation materialized under the presidency of Muhammadu Buharia former general who promised to tackle corruption.
BOLA TINUBU TO LEAD THE COUNTRY FROM THIS YEAR
“Buhari’s failure to remove i fuel subsidies and the implementation of foreign exchange controls hampered the private sector, while a lack of economic growth it has exacerbated the level of extreme poverty” he says Steve QuattyExecutive Director Portfolio Manager, Next Gen Emerging Markets Strategy di Morgan Stanley (NYSE:) Investment Management. This year, the election has come Tinubu ballformer governor of the state of Lagos from 1999 to 2007. Among his first initiatives was the elimination of the fuel subsidy because it was expensive, inefficient and prone to corruption. In June, Tinubu then addressed the overvaluation of the local currency and suspended Nigeria’s central bank governor, seen as the architect of inefficient exchange rate policy…
** This article was written by FinanciaLounge