too risky

Nigeria: FX shortages frustrate Tinubu’s plan to lure FDI back

By Eniola Akinkuotu

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Posted on September 14, 2023 10:20

Indian Prime Minister Narendra Modi shakes hand with Nigeria President Bola Ahmed Tinubu upon his arrival at Bharat Mandapam convention centre for the G20 Summit in New Delhi, India, Saturday, Sept. 9, 2023. Evan Vucci/Pool via REUTERS

Changes to the monetary policy have done little to attract foreign investors, as Africa’s largest economy continue to suffer a trade deficit.

Eager to bring back foreign investors that had fled Nigeria due to their inability to repatriate funds, President Bola Tinubu introduced a foreign exchange policy that devalued the local currency hoping to unify the country’s multiple exchange rates. But things are not going as planned.

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