Bola Tinubu has just won the election as the president elect of Nigeria which was a fiercely fought controversial election chiefly between him, the former vice-president Atiku Abubakar and Peter Obi of the Labour Party.
Sadly, the country is faced with a plethora of challenges such as the fall in the Nigeria currency and a host of others which have been on the forefront for decades and have significantly affected the country’s development.
With an incoming administration at the helm of affairs, the president-elect must take on some challenging missions to tackle Nigeria’s pressing issues. These missions are crucial to the country’s progress and will require decisive and bold actions from the president. Here are three challenges that the president-elect must tackle as he resumes office.
Increase naira’s value against the dollar
Nigeria is facing a consequential challenge of a consistent devalued currency. Nigeria’s currency, naira, has been consistently losing a great margin of value against major international currencies, more importantly, the US dollar. This significant challenge has led to a reduced purchasing power, inflation, and an increase in Nigerians cost of living.
This has made the increase in the value of the naira against the dollar one of the critical missions Bola Tinubu must take on. This mission will definitely require a significant effort and strategy from the government.
One way the president-elect can increase the value of the naira, is to diversify the economy. Nigeria relies majorly on oil exports which makes the country vulnerable to fluctuation in global prices. This diversification can be to encourage local businesses to export goods and services which would reduce its reliance on oil and increase its foreign exchange earnings, thus strengthening the naira.
Also, the high inflation rate is a major determinant in eroding the value of the currency, as well as a high debt profile. Implementation of policies that reduce inflation and the country’s debt profile can help strengthen the naira and instill confidence in the economy.
One of the difficult missions that the president-elect must take on is to rebrand Nigeria. Nigeria is the most populous in West Africa and has faced negative perceptions both domestically and internationally due to various challenges such as corruption, insecurity, and internet fraud. Over the years, this has affected the country’s image and its ability to attract investors.
The government would have to focus on improving governance and reducing corruption in order to promote the country’s positive attributes. This can be through the creation of an enabling environment for businesses and investors to thrive thus, improving the country’s economic outlook.
The government can also improve Nigeria’s diplomatic relationship with other countries. This will create opportunities for partnerships and collaborations that can promote Nigeria’s positive attributes. Investment in various sectors such as technology, entertainment, and sports can go a long way to create a positive image of the country, attract foreign investment, and inspire young Nigerians to strive for excellence.
The country’s cultural and tourism is a rich cultural heritage such as music, art, and cuisine that the government can invest and promote that would attract tourists and investors in its infrastructure.
Bridge North-South divide
Nigeria is a country with diverse cultural, religious, and socio-economic backgrounds. This has plagued the country with a North-South divide that has hindered its growth and development. Bola Tinubu must strive to build better synergy between the North and the South.
To achieve this, the government can promote national unity by creating policies that promote inclusion and equality across all regions. This can be achieved by creating opportunities for people from all regions to participate in the country’s economic and political systems.
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