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Vol 57 No 11

Published 27th May 2016


Nigeria

Economic sands start to shift

The government wants to fire up growth with an expansionary budget but has made U-turns on the currency and fuel prices

Less than a after month President Muhammadu Buhari signed on 6 May a growth-boosting but much delayed budget for 2016, the government has made two important policy reversals on the exchange rate regime and deregulation of the petroleum products market. These policy shifts emerged after a succession of damaging economic developments. A worsening national fuel shortage was bringing the economy to a grinding halt. Fuel importers blamed the government's insistence on defending its official exchange rate of US$1=N197 as the line of vessels anchored in Nigerian waters – all waiting to discharge petroleum products – stretched out.

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