A new era for Nigeria

Published 05 December 2023

Nigeria’s new president signals the dawn of a new era as the west African country aims to address long-standing macroeconomic imbalances. The domestic cement sector continues to add additional capacity in view of long-term market potential, but a number of stumbling blocks need to be overcome before latent demand is realised. By Moses Waireri Njuguna, EFG Hermes, Nigeria.

The inauguration of Nigeria’s new president is heralded as a new era for Nigeria as the country aims

to address long-standing macro-economic imbalances (© Kehinde Temitope Odutayo)

On 29 May 2023, President Bola Tinubu was sworn in as the fifth president of Nigeria. In his inauguration speech, President Tinubu made two key pledges: firstly, the removal of the petrol subsidy and secondly, initiation of strategies to unify the foreign exchange (FX) market. According to the World Bank, these are critical steps to address long-standing macroeconomic imbalances and have the potential to establish a solid foundation for sustainable and inclusive growth.

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