When President Bola Ahmed Tinubu took the stage at the United Nations General Assembly, he made a bold declaration that signified a shift in Nigeria’s global economic strategy. He stressed that the issue was not whether Nigeria was open for business, but how willing the world was to engage with Nigeria and Africa on equal and mutually beneficial terms. This statement underscored Tinubu’s leadership vision and his determination to reshape Nigeria’s global economic standing amid the significant challenges that have plagued Nigeria and other African economies over the past decade.

Tinubu’s speech reflected not only his courage but also his deep understanding of Nigeria’s current trajectory. His leadership has been characterized by decisive action, especially in the economic realm, starting with the bold policies he introduced upon assuming office. These efforts have set the foundation for national economic reform despite the uphill battle of overcoming longstanding issues.

The courage Tinubu displayed on the world stage is reminiscent of the sentiments expressed by American author Richelle Goodrich, who described courage as acting in the face of fear, insecurity, and intimidation. For Nigeria, this courage is crucial as the country faces numerous challenges. The question remains whether Tinubu will continue to act boldly in addressing these issues head-on.

Reflecting on Tinubu’s rise to power, it’s clear that his leadership is a product of his unwavering resolve. As a key player in resisting internal party pressures during the 2022 APC presidential primaries, he fought against efforts to impose a predetermined candidate and instead championed democracy within the party. This critical moment in Nigerian politics led to Tinubu’s eventual nomination and success as the most capable candidate to lead the nation.

As Nigeria grapples with its economic difficulties, Tinubu’s presidency seems to have come at a pivotal moment. His administration is tasked with addressing urgent issues such as foreign exchange challenges, inflation, and systemic economic problems. One pressing issue highlighted is the discriminatory ticket pricing faced by Nigerian international travelers, where airfare to destinations in Europe and the U.S. costs significantly more for Nigerians compared to travelers from those regions. Tinubu is urged to intervene in this situation, which is seen as a drain on Nigeria’s foreign exchange reserves.

In addition to concerns about foreign exchange and travel costs, the Nigerian stock market also faces risks of undervaluation due to the weakening naira. With stock prices translating to very low values in dollar terms, there are fears that foreign investors could take advantage of this situation, potentially leading to hostile takeovers of key Nigerian companies. The challenge is compounded by limited access to U.S. dollars, which has led to significant fluctuations in the exchange rate.

A critical issue facing the economy is the misuse of foreign exchange for purposes other than legitimate transactions. Some business owners are accused of inflating their letters of credit to access more dollars, only to store the excess funds abroad, waiting for the naira’s value to decline before converting those funds back into Nigeria at a profit. This practice of forex round-tripping is seen as a major contributor to the naira’s instability, and there are calls for it to be declared an act of economic sabotage.

Despite these challenges, there is confidence that President Tinubu, known for his investment expertise, will take decisive action to address these issues. His leadership is seen as crucial in restoring economic stability, and there is hope that his bold policies will soon yield positive results. Tinubu’s courage, even when faced with overwhelming odds, is what many believe will guide Nigeria through these turbulent times and help the country overcome its economic challenges.