President Muhammadu Buhari |

Buhari Triumphs in Nigeria Election as Opposition Rejects Result

LAGOS (Capital Markets in Africa) – Nigeria’s Muhammadu Buhari easily won a second term as president of Africa’s biggest oil producer with promises to revive an anemic economy and tackle security threats including a devastating insurgency by Islamic State. His main opponent rejected the results. Atiku Abubakar said Wednesday he’ll go to court to challenge official results showing Buhari won the Feb. 23 ballot by a margin of 56 percent to 41 percent. He alleged the ruling party used the…

Nigerian Leader Proposes $24 Billion Spending for 2019

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari presented an 8.8 trillion-naira ($24.2 billion) budget for next year to lawmakers after the cabinet agreed to reduce spending plans as the nation struggles to meet revenue targets. Nigeria, Africa’s biggest oil producer and most populous nation, has “recovered from recession” after a slump in 2016, Buhari told a joint session of the Senate and House of Representatives in the capital, Abuja, broadcast live on TV. Key…

Africa’s Biggest Democracy Fights Enduring Problem: Rigging

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LAGOS (Capital Markets in Africa) – As Nigeria heads toward general elections in February, it’s in a race to stamp out the bane of the voting system in Africa’s biggest democracy: rigging. Ballot snatching and buying, underage and multiple voting, falsifying results and the suppression of turnout in opposition areas are among the abuses the National Assembly is trying to tackle with new legislation. The bill, passed last month, emerged from talks among the presidency,…

Nigeria’s Buhari Could Lose the 2019 Election, Teneo Says

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LAGOS (Capital Markets in Africa) – Nigeria’s President Muhammadu Buhari could lose power in February’s election if the opposition manages to unite, according to New York-based analysis firm Teneo Intelligence. A close governorship election over the weekend in the south western state of Osun, currently held by Buhari’s All Progressives Congress, bodes badly for the ruling party and signals its waning popularity, Teneo said in a note to clients. While Nigeria’s electoral commission said there would be…

Buhari’s Feuding Party Threatens Re-Election Bid in Nigeria

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LAGOS (Capital Markets in Africa) – Widening splits in Nigerian President Muhammadu Buhari’s ruling All Progressives Congress are jeopardising his bid for re-election next year. As the APC holds its national convention to elect party executives on Saturday, it’s threatened by defections as well as infighting between the presidency and its top lawmakers: Senate President Bukola Saraki and House of Representatives Speaker Yakubu Dogara. They joined a coalition that helped Buhari, 75, become the first opposition leader in…

Nigerian President Buhari Will Seek Second Term in 2019

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari has decided to run for re-election in February, ending months of speculation about whether the former military ruler would seek a second term. The announcement of the decision by Buhari, 75, on Monday came at a time of growing criticism of his performance and uncertainty in his ruling All Progressives Congress about his plans. He was in the U.K. for a total of five months last year…

Smugglers Cheer as Nigeria Tries to Keep Foreign Rice Away

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LAGOS (Capital Markets in Africa) – At Nigeria’s normally manic border post of Seme, Lasisi Fanu says business has all but ground to a halt. He and other customs agents who help clear goods coming into Africa’s biggest economy from its smaller neighbour Benin say the long lines of trucks loaded with rice that used to jam the crossing have dwindled. The slowdown is a result of import restrictions and tighter border policing as President Muhammadu Buhari seeks to…

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