Save what you can in Nigeria to stem the fall of the naira and the inflationary surge which is crystallizing social anger. The cause is the shock therapy initiated by President Bola Tinubu, who came to power in the spring of 2023, aiming to restore an economy that has been adrift for several years. Very quickly, after taking office, the head of state decided on the very unpopular measure of removing subsidies on fuel prices and the authorities decided to let the national currency, the naira, slip away and not more control over exchange rates in order to reduce the gap with the parallel rate.
The local currency immediately fell, losing more than 60% in nine months. “
These two policies aimed to consolidate public finances, which have continued to deteriorate for ten years, and to strengthen the country's attractiveness in terms of foreign investment. In the short term, this has painful inflationary effects for the population
,” comments Thomas…
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