Business

Nigerians left cold by Tinubu reforms as investors applaud

President Bola Tinubu has barely been in power for two months but his radical reforms are already trying the patience of fellow Nigerians.


According to Bloomberg surging gasoline prices and rampant inflation following the abolition of fuel subsidies and exchange rate reform are hammering the poor in Africa’s most populous nation, where 40% of its citizens live in dire poverty.


The same measures have been celebrated by foreign investors, the World Bank and International Monetary Fund. The stock market has risen more than 20% and the country’s dollar-denominated eurobonds have seen double-digit returns since the president’s May 29 inauguration.