World News for Students of English

30-06-2023 15:00

Nigeria’s newly elected President Bola Tinubu has been busy implementing significant changes in his first month in office.

These reforms aim to unlock the full potential of Africa’s sluggish economic powerhouse. Investors have been impressed by the race to reform; however, analysts, observers, and business leaders caution that there are still major challenges ahead. Shortly after his inauguration, Tinubu abolished a popular fuel subsidy that had been in place for decades. He also swiftly suspended the central bank governor and liberalized the exchange rate. While these reforms are expected to bring long-term benefits, the World Bank warns of short-term inflationary pressures. Petrol prices have nearly tripled since the subsidy was removed, impacting the millions who rely on petrol-powered generators.

Nigeria is also struggling with record debt, high unemployment, power shortages, shrinking oil output, and security concerns. Corruption and patronage networks further complicate efforts to address these issues. Tinubu’s ability to tackle such networks and his commitment to anti-corruption measures will be closely observed.

Difficult words: sluggish (slow-moving or inactive), caution (to say something as a warning), abolish (to formally end something), liberalize (to make something more open or unrestricted).

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