Tinubu inherits an economy riddled with huge debt from his predecessor Buhari, whose protectionist policies spooked investors.
Nigeria’s new President Bola Tinubu vowed at his swearing-in on Monday to expand the economy by at least six percent a year, lift barriers to investment, create jobs and unify the exchange rate, while also tackling rampant insecurity.
“On the economy, we target a higher GDP [gross domestic product] growth and to significantly reduce unemployment,” he said.
He took his oath in an open-air ceremony in the capital Abuja’s Eagle Square. Then his predecessor Muhammadu Buhari finished his eight years in office and departed to his rural home in the northwestern state of Katsina.
Buhari spooked investors with protectionist policies including the closure of borders for months in 2019. Under Buhari, the naira, Nigeria’s currency, also lost 70 percent of its value as Africa’s largest economy struggled to keep pace with ballooning debt.
More than a third of the country’s population is currently unemployed and voters expect Tinubu, 71, to create jobs, fix the free-falling economy and tighten security in line with his campaign promises.
The new president will also deal with shortages of foreign exchange and fuel, nearly two-decades-high inflation, widespread insecurity, epileptic power generation and falling oil production due to crude theft and underinvestment.
