President Muhammadu Buhari will formally begin his second tenure in office on Wednesday, May 28, when he is sworn in after winning his re-election in February 2019.
In spite the huge support he had during the February 2019 poll, the next four years will not be without major challenges, Bloomberg reports.
READ ALSO: I rate Saraki, Dogara low in terms of patriotism - President Buhari
According to Bloomberg, here are therefore 10 key areas that will definitely need the urgent attention of the former general:
1. The Naira
The handling of the naira over the past four years has been a major concern for foreign investors, especially during the time following the oil crisis.
Investors and international financial experts has criticized the government’s measure of creating multiple exchange rates. Others have also condemned the Central Bank of Nigeria (CBN)’s continued intervention, saying it has made the naira overvalued.
2. Growth and Inflation
Nigeria’s economic growth really went down since the 2014 crash in crude oil prices which has presently put the country’s inflation rate at 11.4%, which surpassed the CBN’s target of 6% to 9%.
3. Petrol prices
According to Global Petrol Prices, Nigeria is the sixth cheapest country where you could fill up your tank at N145 per liter. That cost the government almost $2 billion in subsidies in 2018, and the International Monetary Fund (IMF) has asked the government to raise pump prices to deal with the situation.
4. Electricity lack
Nigeria has been suffering from lack of power and different governments have all failed in their promises to help the sector.
5. Gridlocked ports
Added to electricity lack is the heavy gridlock at the nation’s ports which in some way affect the economy. No wonder the president recently an ultimatum to clear Apapa ports.
6. Boko Haram insurgency
This is another area that needs the president’s serious attention as the terrorist group are still a threat to the nation’s security.
7. Corruption
Buhari’s popularity among his supporters is largely drawn from his hard stance against corruption. However, his critics have complained bitterly about his anti-corruption campaign.
8. Foreign investment
Bloomberg gathered that Foreign Direct Investment (FDI) has dipped under Buhari as his administration had conflict with companies like MTN and JPMorgan Chase & Co. In 2018, the FDI that flowed into the country was $2.2 billion, which is less than a third of what South Africa and Egypt generated.
9. Oil and NNPC
There has been hope for the country’s economy with the recent rise in crude oil production which climbed to 1.9 barrels a day in April, the highest the country had ever recorded in more than three years.
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10. Exploding population
Nigeria population jumped to 201 million in 2018 as the United Nations the figure is expected to jump to 410 million by 2050, displacing countries like India and China on the population ranking. Investors have mixed feeling about it all; some believe it would help the market, while others think it will encourage social instability.
Recall that Legit.ng earlier reported that Nigeria’s inflation rate declined in January 2019, from 11.44% to 11.37%, a 0.07% decrease in the period under review, according to figures released by the National Bureau of Statistics (NBS).
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Nigerians set 2nd term agenda for President Buhari | Legit TV
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