L
LequteMan
Guest
Foreign investors are pulling their funds out of Nigeria's troubled economy. This is evident in the gradual and continued depreciation of the country's stocks.
The Nigerian stock exchange yesterday recorded its 9th consecutive daily loss. A report published by Bloomberg, has enumerated 5 reasons why foreign investors are pulling out of the country.
1. Lack of direction. Buhari waited five months before naming his cabinet, hasn’t proposed a clear plan to revive growth.
2. Stronghold on the Naira. Buhari has backed CBN's foreign-exchange controls aimed at defending the naira, which according to experts should be allowed to market forces.
3. His retention of gasoline subsidies.
4. Plans to raise spending in the face of declining revenue
5. Silence about a $5.2 billion fine levied on mobile-phone operator MTN Group Ltd.
According to the report, all these have added to investor unease making them unsure about the country's economy. Hence they're pulling out funds out of the country.
The Nigerian stock exchange yesterday recorded its 9th consecutive daily loss. A report published by Bloomberg, has enumerated 5 reasons why foreign investors are pulling out of the country.
1. Lack of direction. Buhari waited five months before naming his cabinet, hasn’t proposed a clear plan to revive growth.
2. Stronghold on the Naira. Buhari has backed CBN's foreign-exchange controls aimed at defending the naira, which according to experts should be allowed to market forces.
3. His retention of gasoline subsidies.
4. Plans to raise spending in the face of declining revenue
5. Silence about a $5.2 billion fine levied on mobile-phone operator MTN Group Ltd.
According to the report, all these have added to investor unease making them unsure about the country's economy. Hence they're pulling out funds out of the country.
