A fresh start

Nigeria’s new president has delighted investors with his quick reforms. [View in browser]( [Bloomberg]( Nigeria’s new president, Bola Tinubu, has delighted investors with decisions he’s taken in just two weeks in office. The question now is whether he can stay the course. So far he’s abolished a costly fuel subsidy, suspended the contentious central bank governor and signaled that an exchange rate policy overhaul is imminent. The stock market has soared to a 15-year high on optimism he has the mettle to implement the difficult political decisions needed to turn Africa’s largest economy around. Key Reading: [Tinubu’s 15 Days Give Market a Glimpse of Nigeria Turnaround]( [Nigeria Targets Single FX Rate in Shift After Governor’s Ouster]( [Nigeria’s Tinubu Advised to Sell State Oil Assets, Refineries]( [Nigeria’s $10 Billion Fuel Subsidies Are ‘Gone,’ Tinubu Says]( [What a New Central Bank Chief Means for Nigeria]( That Nigeria needs a reboot is beyond doubt. Half of adults are under- or unemployed and oil production — the lifeblood of the economy — is at lows last seen in the 1980s. The government spent the vast bulk of revenue it collected last year on servicing its debt and the figure could top 100% this year. The scrapping of subsidies on gasoline, which consume billions of dollars each year, will go some way toward stabilizing public finances. And the removal of Godwin Emefiele as the central bank governor is the likely precursor to the end of a multiple exchange rate regime that’s underpinned a thriving black market. But the hard part lies ahead. Government institutions are dysfunctional, corruption is endemic and insecurity remains a perennial problem. Armed bandits and Islamist militants have free rein across large swathes of territory. Even bigger asks will be to create jobs and tackle poverty in a nation where about 40% of the population of more than 200 million live in poverty. Question marks also remain over the 71-year-old Tinubu’s commitment to clean governance. He’s been dogged for decades by corruption allegations that’s he’s denied but never completely dispelled. The early days of the Tinubu administration have been a case of so far, so good. But Nigeria has had many false dawns before — there is a still a long way to go.— [Mike CohenÂ]( A Tinubu campaign rally on Feb. 21. Photographer: Benson Ibeaubuchi/Bloomberg [Listen to our Twitter Space discussion]( today at 8am ET (1pm London) on what Tinubu’s policy moves mean for markets, the economy and politics. And if you are enjoying this newsletter, sign up [here](. Global Headlines Former US President Donald Trump urged prosecutors to drop charges against him over mishandling classified materials and [professed his innocence]( in his first public remarks following his arraignment in federal court. “This day will go down in infamy,” he told a friendly audience at his Bedminster golf resort in New Jersey yesterday, claiming he had the right to keep the boxes of materials found in his Mar-a-Lago resort in Florida. - The US government faces a [greater risk of a shutdown]( in October following a new budget-cutting deal House Speaker Kevin McCarthy forged to quell a revolt among ultra-conservative Republicans. President Vladimir Putin acknowledged that Russian forces fighting in Ukraine don’t have enough [advanced]( weapons despite a tripling of arms output, as Kyiv’s forces pressed a counteroffensive backed by a new infusion of allied support. “It became clear that we lack many things — high-precision ammunition, communications, drones,” Putin told Russian reporters and war bloggers in a televised meeting late yesterday. “We have them, but we lack quantity.” - Belarusian President Alexander Lukashenko suggested Russian tactical nuclear weapons have [already arrived]( in his country, even as Putin said delivery would only begin next month. - Follow our Ukraine [Recap]( for the latest coverage of the war. While artificial intelligence could provide potential economic benefits of as much as $4.4 trillion, about 4.4% of the world economy’s output, those employed in areas ranging from sales and marketing to customer operations run the [risk of losing]( their jobs, a new report by consultants McKinsey & Co. says. Chinese Foreign Minister Qin Gang held a [call]( with US Secretary of State Antony Blinken before the latter’s expected trip to Beijing, telling him that Washington should stop hurting China’s security interests in the name of competition, his ministry said. Blinken is reportedly planning to travel to China for a trip seen as a significant step toward restoring high-level communications. Best of Bloomberg Opinion - [LGBTQ+ ‘State of Emergency’ Is No PR Stunt: Michael Arceneaux]( - [Sam Altman Asked For AI Rules. The EU Answered: Lionel Laurent]( - [Kenya Is Poised to Become the ‘Singapore of Africa’: Tyler Cowen]( Days after welcoming Blinken as part of efforts to reset relations with the US, Saudi Arabia turned its attention to boosting ties with one of Washington’s main competitors: Beijing. During the largest-ever Chinese-Arab business gathering, Saudi officials spoke of integrating China into the Arab region and Chinese executives said they stood ready to “[de-Americanize](” the world’s top oil exporter. Explainers You Can Use - [Lack of Female CEOs in UK Retail Is ‘Startling,’ Report Says]( - [How Fentanyl Made the US Opioid Crisis So Much Worse]( - [How Tesla’s Quest for Cheaper Batteries Buoys China]( India’s northeastern state of Manipur has cut off its 3.5 million people from mobile internet services for more than a month as ethnic clashes over a dispute involving access to affirmative action benefits continue to erupt. [Here’s what we know]( about the fighting that’s left more than 100 people dead and over 37,000 in refugee camps. - India’s frequent [internet shutdowns]( hurt its most impoverished, who depend on government social protection programs, according to a new report. The Big Take podcast breaks down the charges against Trump as well as the investigations into the former president’s attempts to overturn the results of the 2020 election and whether he bears some responsibility for the insurrection at the US Capitol on Jan. 6, 2021. Listen on [Apple]( and [Spotify](. News to Note - Germany singled out Russia as the [principal menace]( to its security and signaled it wants to pursue a partnership with China despite the Asian nation increasingly behaving like a rival and competitor. - French President Emmanuel Macron [will host]( Saudi Crown Prince Mohammed bin Salman in Paris on Friday, his second visit to the country in about a year. - South Korea is pressing to [restore a summit]( with the leaders of China and Japan despite a diplomatic rift that’s led some members of parliament in President Yoon Suk Yeol’s party to call for the expulsion of Beijing’s envoy. - Slovakia needs to [rein in public spending]( to keep its credibility on financial markets, Prime Minister Ludovit Odor said in an interview. - Mexican Interior Minister Adan Augusto Lopez announced he will leave his post on Friday in what’s seen as a [long-shot bid]( to win the ruling party’s nomination for the presidential election in 2024. And finally ... Abroad, the flamboyant and scandal-prone Silvio Berlusconi may have been dismissed as a clown, but he laid the template for how a billionaire could become leader of a Group of Seven country — one that Trump followed closely. Berlusconi’s death leaves a [void]( at the heart of his political party, Forza Italia, and his business empire. The irony is that the passing of a man who to many was the embodiment of toxic masculinity appears to have solidified the power of two women: Prime Minister Giorgia Meloni, and his eldest daughter and heir to much of his business conglomerate, Marina Berlusconi. Berlusconi and his partner Marta Fascina cast their vote at a polling station in Milan in 2022. Photographer: Matteo Bazzi/AFP/Getty Images Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. 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