Nigeria’s president targets 6% annual growth, vows to end a popular fuel subsidy and promises ‘thorough house cleaning’
Tinubu inherits a struggling economy with record debt and shortages of foreign exchange and fuel, as well as a weak currencyNigeria's President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria, on May 29 2023. Picture: TEMILADE ADELAJA/REUTERS
Protectionist policies and foreign currency interventions under predecessor Muhammadu Buhari have spooked investors. Tinubu took his oath in an open-air ceremony in the capital’s Eagle’s Square. Buhari departed to his rural home in northern Katsina state afterwards. “This will direct funds away from arbitrage into meaningful investment in the plants, equipment and jobs that power the real economy,” he said.Tinubu inherits a divided country after his disputed victory that is being challenged in court by his main rivals who see him as a member of the old guard.
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