Record inflation, a sliding naira currency and weak financial structure are keeping investors wary of Nigeria, Africa’s largest economy, with some companies even stepping away despite economic reforms under recently-elected President Bola Ahmed Tinubu.
Tinubu, who took office last May, has repeatedly called for patience to allow his reforms to take effect after ending a fuel subsidy and freeing up the naira currency — policies the government says will bring more foreign investment despite the short-term austerity they cause.
Tinubu’s moves have been praised by investors. For some companies the situation remains too uncertain.—AFP
