A new President has emerged for Nigeria

After a ground breaking election held in Nigeria on February 25, 2023 where three (3) solid candidates vied for Presidency, a victor has emerged. The Independent National Electoral Commission (INEC) has declared Bola Ahmed Tinubu, the candidate of Nigeria’s ruling party, APC, as the winner of presidential election.

Mr. Bola Tinubu defeated 17 other candidates who contested the election and amassed a total vote of 8,794,726 votes, the highest of all the candidates thus meeting the first constitutional requirement to be declared winner. He also scored over 25 per cent of the votes cast in 30 states, dusting the 24 required constitutionally. His closest contender was Atiku Abubakar of the PDP polling 6,984,520 votes, while Peter Obi of Labour Party came third with 6,101,533 votes rounding up the top three.

Effect on Capital Market
In the build up to the declaration, Nigeria bonds were gaining as Mr. Tinubu took an early lead in presidential election race. According to a Bloomberg report, investors bet that Bola Tinubu will have a favorable impact on the economy, with the ability to offer reforms to pull Nigeria out of its current fiscal mess.

In the equities market, bullish sentiments continued from last week ended February 24, 2023 (+2.13% week on week) into this week as the local bourse gained +0.69 on Monday and +0.86 on Tuesday. We expect this bullish sentiment to continue to end the week.

Leave a Reply

Your email address will not be published.

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>