Nigeria’s main opposition presidential candidate Atiku Abubakar promised a “warm handshake with the private sector” if he wins elections scheduled for February.
(Bloomberg) — Nigeria’s main opposition presidential candidate Atiku Abubakar promised a “warm handshake with the private sector” if he wins elections scheduled for February.
Abubakar, a former vice president, pledged to cut red tape, stabilize the naira, bring more private investment into the country’s infrastructure drive, cut subsidies that benefit the rich and end a borrowing spree that has seen Nigeria’s debt servicing costs rise above its revenue.
While his administration would allow the central bank to “pursue its mandate,” Atiku said it will “ensure that such policies are not detrimental to Nigeria’s quest for foreign direct investment and to Nigeria’s long-term growth.”
“We will push for a foreign exchange policy that encourages capital inflows and makes capital outflows less attractive to the investors,” he said in a speech to the Lagos Chamber of Commerce and Industry and emailed by his campaign office on Tuesday.
Read: Nigeria Inflation at 17-Year High as Bread, Gas Costs Soar
The exit of foreign investors from Nigeria and plummeting crude production are slowing the recovery of Africa’s biggest economy, which is also confronting high unemployment. Inflation quickened to 19.6% in July, the highest in about 17 years, owing partly to the high cost of accessing dollars to import raw materials.
Abubakar, the candidate for the Peoples Democratic Party, is bidding to succeed President Muhammadu Buhari, who will complete his second and final term in May 2023.
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