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Nigeria’s Economy Struggles in President Tinubu’s First Year

President Bola Tinubu’s first year in office has seen Nigeria’s economy face significant challenges, with rising food and fuel prices doubling and inflation climbing to a three-decade high of 33%. Despite promising higher economic growth, job creation, and security reforms, Tinubu’s policies, such as removing the petrol subsidy and devaluing the naira, have led to widespread discontent. Beyond that, Nigeria is expected to drop to the fourth-largest economy in Africa, with its GDP projected to fall to $253 billion from over $470 billion in 2022. Internal security issues have also worsened, with deaths due to abductions and gang violence increasing. While oil production has improved since the administration took over last year and the launch of the Dangote Refinery promises less reliance on imported energy products, experts argue that Tinubu’s government hasn’t done much better than that of his predecessor.

SOURCE: SEMAFOR