Is Nigeria open for business?

Jul 16, 2023|Jeremiah Ajayi

Despite previously pledging to build on former President Buhari's legacy, President Tinubu has quickly dismantled significant aspects of it. Over the past seven weeks, he has made several notable changes, such as ending the long-standing fuel subsidy, signing a student loan bill, and suspending key stakeholders like the CBN governor. These actions indicate that Tinubu's presidency deviates from its predecessor's path. However, what do these differences mean for the country? Our Senior Governance Analyst explores this question in his latest piece for Stears. Read more here

Among Tinubu's recent actions, the FX reforms stand out. These reforms have led to a significant increase in the official exchange rates at the I&E window, rising from ₦460/$ to over ₦750/$. Consequently, this increase in exchange rates will also affect electricity tariff computations. Therefore, it becomes crucial to assess the state and trends of the power sector, as Nigerians will expect better service for their money. Explore the performance of the electricity sector through 12 charts.

The expected increased tariffs, along with other reforms, suggest that living conditions may become even more challenging for Nigerians potentially resulting in increased poverty and weakened consumer demand. How can President Tinubu alleviate poverty to support consumer demand, and how will this benefit businesses? Dumebi Oluwole presents expert recommendations in her analysis.

With the multitude of macroeconomic challenges faced by Nigerians daily, such as rising inflation and high unemployment, positive news on seemingly abstract macroeconomic indicators often goes unnoticed and unappreciated. One such information is Nigeria's rebound in financial inflows, where the country earned more money from abroad in 2022 than it spent abroad, reversing a three-year trend. What implications does this hold for the Nigerian economy? Yomi Ajayi provides insights in his newest article.

Still on positive news, Palmpay achieved a significant milestone, reaching 25 million users one month ago, compared to only 100,000 users in November 2019. Our Friday analysis delves into Palmpay's growth story, identifies the key drivers behind its success, and discusses what the future holds for achieving profitability. Learn more about it here

Until next Sunday, 

Jeremiah from Stears.