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After inauguration fanfare, immense economic challenges await Nigeria’s Tinubu

After inauguration fanfare, immense economic challenges await Nigeria’s Tinubu

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. An attempt by Nigeria to reduce hugely expensive fuel subsidies a decade ago met with mass public protests and had to be dropped. Tinubu, a member of President Muhammadu Buhari's All Progressives Congress, helped propel the outgoing president to power in 2015.…
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Africa’s debt financing in the spotlight

Africa’s debt financing in the spotlight

IN the face of economic challenges, Rwanda has achieved a significant milestone by successfully repaying its $400 million debut Eurobond, after defaults by Zambia and Ghana, which were unable to repay US$3 billion and US$13.2 billion respectively. A statement from the Rwandan Ministry of Finance to The East African, a regional media outlet, indicated that the loan, which was due this month, is now fully repaid, thanks to IMF financing and prudent saving. The report further details that the released amount - US$63 million, equivalent to 15.1% of the 2013 Eurobond - was to repay IMF’s Special Drawing Rights loan…
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