Nigeria Election: Business Men React Positively To Buhari's Win
Nigeria - The financial economy has welcomed Gen. Muhammadu
Buhari's victory at the presidential polls, reports say. Analysts
believe the country's economy will start recording successes in several
areas, boosted especially by the generally peaceful electoral process.
IBTimes reports:
Analysts and investors who expected Nigeria’s presidential election to erupt in chaos are celebrating the relatively peaceful victory of opposition leader Muhammadu Buhari — and the excitement is evident in the country’s stock market.
“Financial markets have welcomed the result,” wrote Capital Economics Africa analyst John Ashbourne in a note Tuesday, adding that as poll results continued to roll in from around the country on Monday, the Nigeria All Share Index gained 2.1 percent and the yield on Nigeria’s 2021 eurobond fell by almost 20 basis points, its lowest level this year.
Until now, investors had been particularly wary of the outlook for Nigeria — Africa’s largest economy and the world’s No. 4 oil producer, fueled by crude reserves in the Niger Delta. But global benchmark oil prices have fallen more than 50 percent in recent months, taking Nigeria’s currency with them and leaving a gaping hole in government revenues. The World Bank recently revised its prediction for the country’s economic growth in 2015 down from 6.3 percent to 5.5 percent.
source: Nigerianbulletin
IBTimes reports:
Analysts and investors who expected Nigeria’s presidential election to erupt in chaos are celebrating the relatively peaceful victory of opposition leader Muhammadu Buhari — and the excitement is evident in the country’s stock market.
“Financial markets have welcomed the result,” wrote Capital Economics Africa analyst John Ashbourne in a note Tuesday, adding that as poll results continued to roll in from around the country on Monday, the Nigeria All Share Index gained 2.1 percent and the yield on Nigeria’s 2021 eurobond fell by almost 20 basis points, its lowest level this year.
Until now, investors had been particularly wary of the outlook for Nigeria — Africa’s largest economy and the world’s No. 4 oil producer, fueled by crude reserves in the Niger Delta. But global benchmark oil prices have fallen more than 50 percent in recent months, taking Nigeria’s currency with them and leaving a gaping hole in government revenues. The World Bank recently revised its prediction for the country’s economic growth in 2015 down from 6.3 percent to 5.5 percent.
source: Nigerianbulletin
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