Nigeria's incoming President Bola Tinubu will inherit anaemic economic growth, record debt and shrinking oil output, but before he can start fixing these pressing problems he will need to secure public support for painful decisions.
Life is tough for citizens of Africa's biggest economy, and a tangle of protectionist economic policies and foreign currency interventions have spooked investors.
Tinubu, a member of President Muhammadu Buhari's All Progressives Congress, helped propel the outgoing president to power in 2015. . Oil and gas typically fund half of Nigeria's budget and 90% of its foreign exchange. Continued theft, underinvestment and industrial disputes, hinder output.from oil sales. Fitch Ratings estimates that the implicit petrol subsidy has cost the government approximately 2.4% of GDP in foregone revenue. Experts say taming the subsidy, and boosting oil output, are key.
Businesses say resulting widespread dollar shortages are crushing, while investors say the difficulty in getting money out of the country has strangled investment."The main thing is problems with being able to exit the market even if you felt like you could make a return," Smith said.
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