Nigeria’s new president vows to deliver economic reboot as he inherits ‘a broken country’
Bola Ahmed Tinubu Sworn in as Nigeria’s 16th President Amid Economic and Social Turmoil
On May 29, 2023, Bola Ahmed Tinubu was sworn in as the 16th President of Nigeria, taking over from Muhammadu Buhari. Tinubu’s All Progressives Congress (APC) party comes to power amid an economic and social crisis with record inflation, shortages of foreign exchange reserves and fuel, declining oil production, and a crippled power supply.
Tinubu, a former governor of Lagos state between 1999 and 2007, envisions expanding Nigeria’s economy by at least 6% per year, unifying the foreign exchange rate, and scrapping costly fuel subsidies. During his swearing-in ceremony, he promised investors a “thorough house cleaning” of monetary policy. Tinubu faces multiple challenges in his first 60 days of presidency, including a broken society and a deeply polarized country that is divided along religious and ethnic lines.
Nigeria has one of the world’s fastest-growing populations, which is forecast to double by 2050, and one of the world’s youngest average populations. Ahead of the February election, the Labour Party’s Peter Obi mobilized popular discontent over widespread youth unemployment, lack of opportunity, and police brutality.
Tinubu won just 37% of the national vote in an election beset by technical problems, while only a quarter of Nigeria’s 93 million registered voters managed to cast a ballot. He faces a tough task in proving his mettle on both economic and social issues, especially with disgruntled voters who perceive his victory as strengthening the dominance of the entrenched political elite.
FAQs
Q: Who is Bola Ahmed Tinubu?
A: Bola Ahmed Tinubu is Nigeria’s 16th President and a former governor of Lagos state between 1999 and 2007.
Q: What are the challenges Tinubu faces as President?
A: Tinubu faces the tough task of injecting stability into a society and economy in crisis and reigniting hope in a young population. Nigeria’s economy is saddled with record debt and inflation, shortages of foreign exchange reserves and fuel, declining oil production, and a crippled power supply. The country is also deeply polarized along religious and ethnic lines.
Q: What are Tinubu’s plans for Nigeria’s economy?
A: Tinubu envisions expanding Nigeria’s economy by at least 6% per year, unifying the foreign exchange rate, and scrapping costly fuel subsidies. He promised investors a “thorough house cleaning” of monetary policy during his swearing-in ceremony.
Q: Why is Nigeria significant?
A: Nigeria is Africa’s most populous nation, with a population forecast to double by 2050. The country also has one of the world’s youngest average populations, with 42% of citizens under the age of 15 and a median age of just over 18, according to the U.N.
Q: What are the challenges faced by Nigeria’s young population?
A: Nigeria’s youth face widespread unemployment, lack of opportunity, and police brutality, according to the Labour Party’s Peter Obi, who mobilized popular discontent ahead of the February election.
Q: What are the key social issues facing Nigeria?
A: Nigeria faces widespread violence, including killings and kidnappings in the northwest, clashes between cattle herders and farmers in the country’s “Middle Belt,” and a combination of separatist and gang-based attacks in the southeast. Tinubu has vowed to address these issues through sweeping reforms of Nigeria’s security services.
New Nigerian President Pledges to Revitalize Economy Amidst Inherited “Broken Country”
Bola Ahmed Tinubu, the newly elected President of Nigeria, faces the difficult task of stabilizing a country and economy in crisis, and restoring hope to a young population that feels ignored. Tinubu was sworn in on Monday as the country’s 16th president and its fifth since the end of military rule in 1999. He succeeds Muhammadu Buhari, who leaves office with a widely criticized economic record. Judges are currently considering a legal petition from two opposition leaders, Atiku Abubakar and Peter Obi, alleging fraud and challenging the results of February’s presidential election. Tinubu inherits an economy burdened by record debt and inflation at nearly 22%, along with fuel and foreign exchange reserve shortages, a weakened currency, poor power supply, and declining oil production. During his tenure as governor of Lagos state from 1999 to 2007, Tinubu modernized Nigeria’s commercial hub and significantly expanded the regional economy. He promised to increase the economy by at least 6% annually, standardize foreign exchange rates, eliminate costly fuel subsidies, and address widespread insecurity. He pledged to conduct “thorough house cleaning” of monetary policy and review all investor complaints about multiple taxation and anti-investment issues. Nigeria has one of the world’s fastest-growing populations, with 42% of citizens under 15 years old and a median age of just over 18. Ahead of the February election, Peter Obi of the Labour Party mobilized popular dissent about police brutality, lack of jobs, and opportunity to mobilize massive numbers of young voters. Only a quarter of Nigeria’s 93 million registered voters participated in a polling process plagued by technical issues. Mucahid Durmaz, a senior West African analyst at risk advisory company Verisk Maplecroft, said many disillusioned voters perceived Tinubu’s victory as strengthening the dominance of entrenched political elites. Durmaz noted that one of the new president’s first 100-day tasks would be reaching out to alienated urban youth and minorities and promoting an inclusive national identity in a deeply fractious society.