Economy
Tinubu’s Economic Vision: Striking A Balance Between Painful Reforms And Economic Growth
Tinubu’s Economic Vision: Striking A Balance Between Painful Reforms And Economic Growth....KINDLY READ THE FULL STORY HERE▶
In simpler terms, Tinubunomics is the economic philosophy and policies championed by President Bola Ahmed Tinubu during his presidency in Nigeria. It encompasses various aspects such as trade, foreign policy, labor and employment, as well as monetary and fiscal policies that guide the administration’s actions for the next four years. While it is not yet fully defined, one can discern its direction, which seems to be focused on deregulation.
President Tinubu made two significant decisions in his inaugural speech on May 29th, namely the removal of the petrol subsidy and the plan to introduce a unified foreign exchange rate, replacing the existing dual-rate system. These decisions had immediate effects on the economy, with a threefold increase in petrol prices and subsequent rises in transportation and living costs.
The removal of the petrol subsidy, which had cost the government $10 billion in the previous year, was a bold move to address the drain on the economy and eliminate opportunities for corrupt practices among the elites. The unified foreign exchange rate, on the other hand, caused a devaluation of the Naira by up to 63%, impacting transactions involving foreign currency.
President Tinubu’s decision to announce these measures in his inaugural speech, rather than delivering popular promises, demonstrates his commitment to addressing long-standing economic issues. The swift and harsh effects led to engagements with labor leaders and stakeholders to mitigate the impacts and redirect the funds saved from subsidy removal towards national priorities such as healthcare, education, infrastructure, and other sectors.
These policies, although painful in the short run, have garnered support from many economists who believe they are necessary for long-term economic stability. The government is also forming a Presidential Committee on Fiscal Policy and Tax Reform to address issues like tax avoidance, double taxation, and tax loopholes, aiming for a fairer and more business-friendly fiscal policy.
The unified foreign exchange rate will facilitate foreign investment, while a closer look at the Central Bank of Nigeria’s operations promises improved monetary policy management. The President’s commitment to economic reforms is evident, and the focus on growing the economy is essential for fulfilling electoral promises and achieving prosperity for all.
Judicial reforms, including salary reviews for judges, are also in the pipeline to combat bribery and corruption in the judiciary, enhancing the administration of justice. To attract foreign investment, the government must focus on improving security, anti-corruption measures, fair taxation, flexible labor laws, and enforcing contract and ownership laws.
Despite the current economic challenges, these reforms are expected to yield positive long-term results, making life more comfortable and improving the standard of living for Nigerians. Economic diplomacy and marketing Nigeria to investors are vital components, and a focus on security and improved infrastructure will facilitate economic growth.
Overall, President Tinubu’s administration is dedicated to economic development, with a comprehensive template for rapid growth, encompassing fiscal and monetary policies, the judiciary, and security. These efforts aim to create a conducive environment for domestic and foreign investment, ultimately benefiting the entire nation.
The Federal Government of Nigeria has called on International Oil Companies (IOCs) to increase their investments in the country’s oil and gas sector, emphasizing the favorable investment climate created by the nation’s fiscal policies.....KINDLY READ THE FULL STORY HERE▶
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, made the appeal during the Cross Industry Group (CIG) meeting in Florence, Italy, organized by IOCs operating in Nigeria. The meeting aimed to address challenges, expectations, and strategies to enhance Nigeria’s contribution to regional energy needs across Sub-Saharan Africa.
In a statement released by his Special Adviser, Nneamaka Okafor, the minister highlighted that the President Bola Tinubu administration had implemented investment-friendly policies, including incentives for deep water investments. Lokpobiri stressed that while IOCs face challenges related to engineering, procurement, and construction (EPC) contractors, these obstacles can be overcome if IOCs make strong, strategic investment decisions.
“The ball is in the court of the IOCs and other operators to make the investment decisions that will drive increased production and sustainability in the sector,” the minister said, emphasizing the government’s role in creating an environment conducive to investment.
Furthermore, Lokpobiri called for support from IOCs for local refining efforts, noting the government’s push to bring more refineries online, which will require a steady supply of crude oil. He also reiterated the government’s commitment to enforcing the “drill or drop” provisions of the Petroleum Industry Act (PIA), aiming to ensure that idle assets are developed or redistributed to willing investors.
The minister’s remarks also encouraged collaborative measures such as resource sharing and farm-outs, particularly for underutilized assets, to promote production. He warned that the government would reclaim assets that remained underdeveloped for decades.
In response, Osagie Osunbor, Chairman of the Oil Producers Trade Section (OPTS), praised the minister for engaging directly with industry players and affirmed the government’s commitment to creating a favorable investment environment.
The Federal Government remains steadfast in fostering a thriving oil and gas industry and expects IOCs to match this commitment by making tangible investment decisions that will contribute to Nigeria’s energy security and economic growth.
The black market exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) for today, March 31, 2025, has been released.....KINDLY READ THE FULL STORY HERE▶
According to reliable sources at the Bureau De Change (BDC), the exchange rate at the Lagos Parallel Market, commonly referred to as the black market or Aboki FX, shows that traders are buying dollars at ₦1,560 and selling at ₦1,580 as of Sunday, March 30, 2025.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize or endorse the parallel market rates. Instead, the CBN advises individuals who wish to engage in forex transactions to approach their respective commercial banks.
For comparison, the official CBN rate for the dollar today shows a highest rate of ₦1,542 and a lowest rate of ₦1,520. However, exchange rates may vary depending on the provider or location.
Foreign exchange rates in the black market often differ from the official rates set by the CBN, influenced by factors such as demand and availability. As a result, forex traders and individuals looking to convert dollars to naira are advised to verify rates before making transactions.
Stay informed with the latest updates on the dollar to naira exchange rate and other economic news.
Black Market Dollar To Naira Rate Hits New High – See Today’s Rates March 1, 2025Looking for the latest Dollar to Naira exchange rate at the black market (parallel market)? Check out the rates for March 1, 2025, below.....KINDLY READ THE FULL STORY HERE▶
As of Friday, February 28, 2025, Bureau De Change (BDC) sources confirm the following exchange rates at the Lagos Parallel Market:
- Buying Rate: ₦1,495 per $1
- Selling Rate: ₦1,505 per $1
The Central Bank of Nigeria (CBN) has set the official exchange rates as follows:
- Highest Rate: ₦1,504 per $1
- Lowest Rate: ₦1,490 per $1
⚠️ Note: The CBN does not recognize black market transactions and advises individuals to conduct foreign exchange transactions through official banking channels.
Important: Exchange rates fluctuate and may vary from what is listed in this report. Always confirm from your forex dealer before making any transactions.
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