BOLA Tinubu, Nigeria’s president, is gloating. The economy “is looking much better”, he says, and wants Nigerians to start rejoicing because their woes will soon be over. In his Easter message, Tinubu told Nigerians that “the seeds of patience, which they have sown, are beginning to sprout and will in no time bring forth an abundance of good fruits.” Abundance of good fruits?
When Tinubu said that Nigeria’s economy “is looking much better”, he was referring to the recent appreciation in the value of the naira, caused by significant inflow of foreign portfolio investment. Speaking through Ajuri Ngelale, his spokesperson and special adviser on media and publicity, Tinubu said: “When the exchange rate was going haywire, it looked like we were asleep, but we worked on it diligently and it is going down, it’s getting better.
An economy is doing well when it is attracting significant foreign direct investment, FDI, known as “sticky money”. However, foreign investment has not only declined in Nigeria, but it has also been dominated by foreign portfolio investment, which accounts for about 61 per cent of the investment inflow as against only 20 per cent for FDI.
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