Nigeria: Oil and Competitiveness
In 2016, one year after Nigeria’s President Muhammadu Buhari took over the reins of power in a historic election landslide in 2015, his government was faced with dealing with the country’s worst economic crisis in 25 years. The great plunge in oil prices exposed the fragility of the Nigerian economy, as well as the apparent failure of successive governments to diversify the economy away from oil and plan for the rainy day. The import-dependent country was suddenly faced with a currency crisis and inflation, as well as threats from domestic terrorism. Painfully, competitiveness in its non-oil sectors had also declined considerably. With the weight of 182 million Nigerians on his shoulder, Buhari needed to urgently restructure the economy, diversity exports, and put the country on a solid path to achieving competitiveness and sustainable development.