How & Why Nigeria's Economy is COLLAPSING under Bola AhmedTinubu...
#africanews #nigeria #bolaahmedtinubu
The question of leadership in Africa involves mainly politicians, business leaders, and intellectual elites. The role of each of these players is a deciding factor in the management of states and societies, since the start of independence in the 19 sixties.
Nigeria is the largest economy in Africa, with a Gross Domestic Product greater than 5 hundred billion dollars this year. However, the country’s economic growth has gradually dropped since the year 20 15, due to high inflation rates. Nigeria’s growth is driven primarily by the oil sector, financial services, telecommunications, and entertainment.
Nigeria’s president, Bola Ahmed Tinubu, who came to power a year ago, has removed a decade-old petrol subsidy that kept prices artificially low, and devalued the currency, leading to a 33 percent rise in inflation since ending 20 23. Statistics show that it is the highest inflation level in three decades, that has greatly eroded incomes.
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