Buhari’s Economic Policies Are Foolish - Financial Times UK

The Financial Times UK has described the economic policies of the President Muhammadu Buhari administration as the ‘height of foolishness’.

The Financial Times UK has faulted President Muhammdu Buhari’s economic policies

The leading international business publication in an article by Steve Johnson, the deputy editor of the Financial Times, said the economic policies of the Buhari administration is doomed to fail because it is tailored after Venezuela’s exchange rate policy and China’s failed equity market strategy.
The article faulted the circuit breaker on the Nigerian stock exchange which pauses trading for 30 minutes if stock prices fall 5 per cent and will cease for the day if it is triggered twice in a session, or after 1.45pm.
It noted that this month, Beijing abandoned a similar policy after just four days, stating that in a falling market the existence of the circuit breaker encouraged more selling as traders rushed to exit while they could.
Quoting John Ashbourne, Africa economist at Capital Economics, it said:
“It is hardly confidence-inspiring that Nigeria is copying a Chinese policy that is widely seen to have failed.”

Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession.