By Busola Kareem

Bloomberg, a foremost company in media and finance has said that Nigerian president, Muhammadu Buhari needs to be fluid in his response to the current economic meltdown facing the country, especially on foreign exchange control. It also stated that the eventual dismantling of the forex controls would not only attract foreign investors but also boost the nation’s economy.

In its editorial published on Sunday, Bloomberg discussed that Buhari’s strict leadership has led to a crumble in the nation’s economy and this was a source of concern globally. It however urged the government to make available targeted cash payment for the poor as a measure against the likely removal of the forex and such effects on the poor.

According to Vanguard news, the editorial reads ‘Africa and the world cannot afford a failing economy in the continent’s most populous nation. Yet that is exactly what Nigeria might be getting. Its economy is on track to shrink by 1.7 percent this year, the official unemployment rate has more than doubled over the last two years and inflation is at an 11-year high’.

‘One concrete step President Buhari could take to address this crisis would be to eliminate the country’s disastrous foreign exchange controls. Instead, Buhari has made no secret of his desire to defend Nigeria’s currency’.

However, giant strides have been taken to curb corruption and terrorism which in turn have yielded good results but the president’s strict leadership has made the country’s economy suffer and to fufill his pledges of good governance, he would have to become more fluid.