President Bola Tinubu is seeking to boost growth and attract billions in new investment after taking charge of Africa’s biggest economy, which is grappling with shortages of foreign exchange, low oil output and widespread insecurity, Reuters reports.
Tinubu has undertaken the country’s boldest reforms in decades by scrapping a popular but costly fuel subsidy in May, removing exchange controls and ending a ban on some imports. The reforms have been welcomed by investors, but unions said they led to soaring costs while inflation had been in double-digits in Nigeria since 2016, further eroding savings and incomes.
