Emulate Zambia’s Economic Policies – Experts to Tinubu

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In a bid to address Nigeria’s ongoing economic challenges, local experts are increasingly urging President Bola Ahmed Tinubu to take a page out of Zambia’s playbook and adopt some of the economic policies that have led to the landlocked Southern African nation’s resurgence.

Nigeria, like Zambia, is heavily reliant on a single commodity for its export revenue, with the West African giant banking primarily on crude oil sales while Zambia mainly exports copper. However, it is Zambia’s recent success in diversifying its economy and stabilizing its financial situation that has garnered attention in Nigeria, where a series of economic crises have eroded the value of the naira, driven inflation, and increased poverty levels.

Zambia’s journey to economic stability is particularly noteworthy. The nation’s inflation rate, which stood at a staggering 24.9% in 2001, has seen a remarkable transformation. By December 2022, Zambia had successfully reduced its inflation rate to just 9.8%. This feat was accomplished through prudent fiscal management, diversification of the economy, and a commitment to creating a favorable investment climate.

Tinubu, who assumed the presidency amid high hopes for economic reform, has faced mounting pressure to address the economic challenges that have beset Nigeria for years. The country’s heavy reliance on oil exports, coupled with unorthordox economic policies implemented by the government, has left the naira vulnerable and led to a series of economic crises.

The Naira has fallen from ₦650 to ₦1,180 since President Tinubu assumed office. Inlfation rate has also increased to 26.72% as at September, 2023.

Nigerians are now looking to Zambia’s example for potential solutions. The Zambian government’s commitment to diversifying its economy, reducing its dependence on copper, and encouraging investment in other sectors has been particularly appealing to Nigerians who see potential parallels with their own nation’s situation.

The call to emulate Zambia’s economic policies has come from various quarters, including economists, business leaders, and civil society organizations. They argue that Nigeria can learn valuable lessons from Zambia’s economic transformation and apply them to its unique circumstances.

The Nigerian presidency has not officially commented on the calls to emulate Zambia’s economic policies, but experts suggest that examining successful economic models from other countries could provide a blueprint for future reforms. Nigeria’s economic challenges remain a pressing concern, and many Nigerians hope that President Tinubu will take inspiration from Zambia’s achievements as he steers the nation toward a more stable and diversified economy.

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