Bola Tinubu won’t have much time to celebrate his victory in Nigeria’s presidential election.
Africa’s biggest economy is facing a deepening fiscal crisis, acute shortages of domestic and foreign currency, and widespread insecurity. The government’s ability to deal with those issues is being undermined by a gasoline subsidy that will drain 6 trillion naira ($13 billion) from state finances this year — about two-thirds of the revenue expected to be generated by oil and gas output.
For overseas investors, Nigeria’s multiple exchange rates and moves by the central bank to ration dollars are also a big deterrent. Read more
