The extreme weakness of FDI into Nigeria last year, shown in data published this week, underscores the scale of the economic challenges facing the new government. Without a marked turnaround in policymaking (which seems unlikely), FDI will probably remain depressed, acting as a constraint on the country’s long-term growth prospects. Meanwhile in South Africa, the decision by the government to revoke the “state of disaster” declared over the energy crisis seems to be rooted in legal technicalities, rather than a meaningful improvement in electricity availability.
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