{"id":12522,"date":"2016-11-29T20:05:53","date_gmt":"2016-11-29T20:05:53","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=12522"},"modified":"2016-11-29T20:05:53","modified_gmt":"2016-11-29T20:05:53","slug":"buharis-rigid-style-is-making-nigerias-economic-problems-harder-to-solve-bloomberg","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=12522","title":{"rendered":"Buhari\u2019s rigid style is making Nigeria\u2019s economic problems harder to solve &#8211; Bloomberg"},"content":{"rendered":"<p><code><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/code><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=11703&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><strong>Bloomberg, a\u00a0financial software, data, and media company, owned by Michael Bloomberg, the sixth richest man in the world, says President Muhammadu Buhari\u2019s rigid leadership style, is making the Nigeria\u2019s economic problems harder to solve.<\/strong><\/p>\n<p>An editorial by the revered media and da<a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/Buhari.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10764\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/Buhari-300x164.jpg\" alt=\"Buhari\" width=\"300\" height=\"164\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/Buhari-300x164.jpg 300w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/Buhari.jpg 304w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>ta outfit said: \u201cAfrica and the world cannot afford a failing economy in the continent\u2019s most populous nation.<\/p>\n<p>\u201cYet that is exactly what Nigeria might be getting: Its economy is on track to shrink by 1.7 percent this year, the official unemployment rate has more than doubled over the last two years, and inflation is at an 11-year high.<\/p>\n<p>\u201cOne concrete step President Muhammadu Buhari could take to address the crisis would be to eliminate the country\u2019s disastrous foreign exchange controls. Instead, Buhari has made no secret of his desire to defend Nigeria\u2019s currency.<\/p>\n<p>\u201cAnd the central bank has mostly gone along. Despite allowing the devaluation of the naira in June, it is continuing to manipulate the exchange rate \u2014 discouraging foreign investors, creating a crippling shortage of dollars for businesses that need to import, and feeding a currency black market. To keep down the street price of vanishing dollars, Buhari\u2019s government has arrested informal money-changers. More capital controls are in the works.\u201d<\/p>\n<p>Bloomberg said \u201cdismantling Nigeria\u2019s foreign exchange controls will doubtless cause at least a short-term rise in inflation\u201d.<\/p>\n<p>The company\u2019s editorial board however said dismantling the forex controls \u201cwill not only draw foreign investment and make the economy more productive and competitive, but also cut off a conduit for corruption\u201d.<\/p>\n<p>It advised that when the forex controls are removed, the government could \u201ccushion the blow for Nigeria\u2019s poor through targeted cash payments\u201d, as it was done for farmers under former president Goodluck Jonathan.<\/p>\n<p>Bloomberg categorically state that \u201cBuhari faced ugly circumstances when he took office in May 2015\u2033.<\/p>\n<p>\u201cThe plunge in oil prices had left the economy reeling and government coffers bare, and attacks by Boko Haram were ravaging the country. Yet while some progress has been made fighting both terrorism and corruption, Buhari\u2019s rigid leadership style has made the country\u2019s economic problems harder to solve.\u201d<\/p>\n<p>The board concluded that Buhari\u2019s election and pledges of good governance rightfully raised expectations across Africa.<\/p>\n<p>\u201cTo fulfill those hopes, however, he will have to demonstrate more flexibility,\u201d it said. Souce: TheCable<\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p><code><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=11703&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/code><\/p>\n<p><code><a href=\"http:\/\/market.jumia.com.ng\/men-shoes\/?utm_source=pap&amp;utm_medium=aff&amp;utm_campaign=0bed9dec&amp;a_aid=Omafume&amp;a_bid=0bed9dec\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"\" src=\"\/\/kaymu.postaffiliatepro.com\/accounts\/default1\/a72f75b38\/0bed9dec.png\" alt=\"\" width=\"652\" height=\"280\" \/><\/a><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" src=\"http:\/\/kaymu.postaffiliatepro.com\/scripts\/a72f75i38?a_aid=Omafume&amp;a_bid=0bed9dec\" alt=\"\" width=\"1\" height=\"1\" \/><\/code><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg, a\u00a0financial software, data, and media company, owned by Michael Bloomberg, the sixth richest man in the world, says President Muhammadu Buhari\u2019s rigid leadership style, is making the Nigeria\u2019s economic problems harder to solve. An editorial by the revered media and data outfit said: \u201cAfrica and the world cannot afford a failing economy in the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":10764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[],"class_list":["post-12522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/Buhari.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-3fY","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12522"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12522\/revisions"}],"predecessor-version":[{"id":12523,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12522\/revisions\/12523"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/10764"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12522"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}