President Bola Tinubu’s policies in his first 15 day in office have signaled some sense of hope to foreign investors, pulling the right levers for markets.

Recall that, during his inaugural speech as president, Tinubu announced that the fuel subsidy was ‘gone.’

The president also suspended the governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, having promised to unify a web of varying exchange rates.

With this development, foreign investors have embraced the decisions of Tinubu’s government, sending Nigeria’s dollar debt surging on Monday.

A portfolio manager at Ninety One in London, Thys Louw, who shared insight on the policies of the new government, said, “Overall, President Tinubu has shown that he’s willing to take on two of the most important factors investors are focusing on, which is fuel subsidies and FX reform, in a very short space of time.”

“Reform momentum in Nigeria has picked up considerably, although from a low level and sustaining this will be important given poor economic conditions Tinubu inherited,” he added.

Following Emefiele’s suspension on Friday, a senior adviser said it would be a matter of months before he unified its exchange rates, a key demand of investors and multilateral institutions like the World Bank.

The suspended CBN governor was considered the chief architect of a set of unorthodox policies — including propping up the naira, allowing a complex regime of multiple exchange rates, and lending tens of billions to the government of Tinubu’s predecessor — that have been blamed for the condition of Africa’s largest economy.

Against this background, Nigeria’s State Security Service detained Emefiele on Saturday for “investigative reasons,” while a Deputy governor of Operations in the CBN was appointed in an acting capacity.

Investors that are leaving the country in droves?
Keep deceiving yourself.

Last time I checked the only investors in Nigeria are the people of the south east