Nigeria's new President Bola Tinubu vowed at his swearing-in on Monday to expand the economy by at least 6% a year, lift barriers to investment, create jobs and unify the exchange rate, while also tackling rampant insecurity.
Tinubu inherits a struggling economy with record debt, shortages of foreign exchange and fuel, a weak naira currency, nearly two-decades-high inflation, skeletal power supplies and falling oil production due to crude theft and underinvestment.
"I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions."in an open-air ceremony in the capital's Eagle's Square. Buhari departed to his rural home in northern Katsina state afterwards. "This will direct funds away from arbitrage into meaningful investment in the plants, equipment and jobs that power the real economy," he said.Tinubu also inherits a divided country after his disputed victory that is being challenged in court by his main rivals who see him as a member of the old guard."My supporters, I thank you. To those who voted otherwise, I extend my hand across the political divide. I ask you to grasp it in national affinity and brotherhood," he said.
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