Nigeria’s Economy Needs Visionary Leadership

Africa and the world cannot afford a failing economy in the continent’s most populous nation. Yet that is exactly what Nigeria might be getting: Its economy is on track to shrink by 1.7 percent this year, the official unemployment rate has more than doubled over the last two years, and inflation is at an 11-year high . One concrete step President Muhammadu Buhari could take to address the crisis would be to eliminate the country’s disastrous foreign exchange controls. Instead, Buhari has made no secret of his desire to defend Nigeria's currency. And the central bank has mostly gone along . Despite allowing the devaluation of the naira in June, it is continuing to manipulate the exchange rate -- discouraging foreign investors, creating a crippling shortage of dollars for businesses that n...