State Role
While his chief opponent in the election, Abubakar, a pro-market multimillionaire, said he would float the national currency and sell stakes in the nation’s oil company, Buhari believes in a strong role for the state and retaining government control of large swathes of industry. He’s pledged to boost public spending on road and rail projects. A Buhari victory means “more political interference in Nigeria’s economy and slower growth,” Mark Bohlund, an economist at Bloomberg Intelligence in London, said in a note Tuesday before final results were announced. A win for Abubakar would have meant “greater capital investment and a boost to economic growth over the medium term,” he said.Stocks Decline
The stock market fell 0.7 percent Tuesday, the most in a week, as investors took in a Buhari victory. Buhari and his All Progressive Congress party have faced sharp criticism for their handling of the economy during his first four-year term. The president imposed capital controls soon after coming to office as the naira currency came under pressure amid plunging revenue from oil, the country’s main export, and foreign investors fled. After a contraction in 2016, the economy expanded 1.9 percent last year, the fastest since Buhari’s first election, in 2015. It took him half a year to present his first cabinet and the budget was repeatedly passed after months-long delays, in part due to tensions between the presidency and the legislature. Senate President Bukola Saraki, one of Buhari’s main adversaries, lost his seat in Saturday’s parliamentary vote. Buhari has a reputation for honesty and the war against graft was one of his key campaign pledges in 2015 as well as this time around. While he has succeeded in stamping out some of the corruption that’s long blighted Nigeria, Transparency International says his efforts have not yielded the desired results. The nation ranks 144 out of 180 countries on the watchdog’s 2018 corruption perceptions index.Corruption Fight
“For Buhari, there have been missing gaps in terms of reviving the economy, but agriculture and mining are picking up,” said Habu Mohammed, the head of the political science department at Bayero University in Kano. “The belief that Buhari has a leadership agenda to block the grab of illegitimate money by politicians helped him get the votes he’s receiving.” Buhari and his vice president, Yemi Osinbajo, re-elected on the same ticket, will have to deal with widespread violence in the northeast where Islamist insurgents, some affiliated to Islamic State, have been fighting to impose their version of shariah law. The conflict has claimed tens of thousands of lives and forced more than 2.5 million people in the Lake Chad region to flee their homes. Separate clashes between farmers and herders over grazing land led to around 2,000 deaths last year, according to Amnesty International.Nigeria’s Conflict Zones
While Boko Haram has retreated to the north, the encroaching Sahara desert is fueling more herdsman–farmer violence Buhari, a stern former general, led Nigeria briefly in the 1980s as a dictator and unsuccessfully contested several elections after military rule ended in 1999 before finally winning the top job four years ago. Buhari describes himself as a “converted democrat.” — With assistance by Dulue Mbachu, Anthony Osae-Brown, Mustapha Adamu, Ruth Olurounbi, Chukwudi Ejimofor, Michael Olukayode, Michael Cohen, Paul Wallace, and Emele OnuDISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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