Our website use cookies to improve and personalize your experience and to display advertisements (if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies.

Nigeria: President Tinubu’s economy, security test

Nigeria: President Tinubu’s economy, security test

NIGERIA'S new President Bola Tinubu vowed at his swearing-in to expand the economy by at least 6% a year, lift barriers to investment, create jobs and unify the exchange rate, while also tackling rampant insecurity. Tinubu inherits a struggling economy with record debt, shortages of foreign exchange and fuel, a weak naira currency, nearly two-decades-high inflation, skeletal power supplies and falling oil production due to crude theft and underinvestment. Protectionist policies and foreign currency interventions under predecessor Muhammadu Buhari spooked investors. "On the economy, we target a higher GDP growth and to significantly reduce unemployment," he said, adding that this…
Read More
A bumpy journey to economic stability

A bumpy journey to economic stability

AFTER years of grappling with hyperinflation, Zimbabwe has taken bold steps towards stabilising its economy. In a major turnaround, the country cut inflation rates from over 300% in 2020 to 92% in February 2023. In an innovative, if drastic, step to scale down stubbornly high inflation numbers, the Reserve Bank of Zimbabwe has now introduced digital tokens backed by gold reserves to complement the national currency. The digital tokens can be transferred between people and businesses as a form of payment and are projected to stabilise the Zimbabwean dollar. According to Reserve Bank of Zimbabwe Governor John Mangudya, the digital…
Read More