Energy Markets
On Independence Day, Nigeria's President says that the worst is over amid increasing hardship
Bola Tinubu, the Nigerian president, declared on Wednesday that "the worst is over", following a painful series of economic reforms which have left millions with rising costs and a deepening in poverty. Tinubu, in a speech marking Nigeria's 65th Independence Day defended the decision of his administration to eliminate fuel subsidies and to unify the foreign currency rate. These moves sparked inflation and anger among the public, but he claimed that they were necessary to "reset the economy". Tinubu stated that "less than three years after those difficult, but necessary decisions were made, they are now bearing fruit." He noted...