President Buhari is taking the right steps to address the longstanding fundamental issues, and investors are pleased about it, but he is in a race against time.

Not only is the economy in bad shape, but the speed and volatility in the global economy could leave it in a worse state.

One fact that has remained elusive is that while there is need to zoom down and micro-manage the economy (especially given the atrocious scale of theft), Nigeria doesn’t exist in a vacuum.

There are several other moving parts of the global economic puzzle which affect Nigeria, and which have to be monitored.

Nigeria, as a frontier economy is vulnerable to external economic shocks

As a frontier economy, Nigeria is vulnerable to a host of external economic conditions.

It is vulnerable to international credit/investment flows and reversals, it is vulnerable to monetary policy and interest rate, changes in the advanced economies, and it is vulnerable to the global demand dynamics. Either of these factors could easily impact the economy.
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