Foreign investors may feel guardedly optimistic as Nigeria’s president-elect Bola Tinubu prepares for office, since he has professed a willingness to introduce much-needed reforms to improve the business environment. Caution, though, must be the watchword, given uncertainty over how much change he is capable of delivering.

After what many see as “the eight lost years” of Muhammadu Buhari’s tenure when the economy floundered and investor confidence slumped, Buhari’s recently elected successor appears equipped to at least begin to raise the country’s fortunes. Not least because Tinubu, as governor of Lagos in the early 2000s, oversaw significant growth, fuelled by foreign investment, which helped to revive the creaking megacity, in particular its transport infrastructure.

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