President Muhammadu Buhari

Buhari Grapples With Widening Crises as Nigerian Vote Looms

LAGOS (Capital Markets in Africa) – Islamist militant attacks, gasoline shortages, worsening violence over grazing land, simmering unrest in the southeast — the crises keep mounting for Nigerian President Muhammadu Buhari less than a year before general elections. The most recent setback came on March 1 when suspected Boko Haram Islamist militants killed three United Nations aid workers and eight soldiers in an attack in the north-eastern town of Rann, about two weeks after they kidnapped more…

In Nigerian `Cash-and-Carry’ Politics, Ambition Is Constant

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – At recent rallies of Nigeria’s ruling All Progressives Congress for next year’s general elections, the list of speakers is often dominated by former members of the opposition People’s Democratic Party who switched sides. Former ministers, two-term governors and other senior officials who served with the PDP during its 16-year rule take turns to denounce the “corruption and waste” of their erstwhile party while touting the virtues of President Muhammadu…

Nigeria’s Political Deadlock Threatens Economic Rebound

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s central bank has fallen victim to a battle between President Muhammadu Buhari and his parliament. The Monetary Policy Committee won’t meet as scheduled this week because it lacks a quorum after the Senate refused to approve Buhari’s nominees for the panel, meaning the central bank couldn’t formally set interest rates. That setback adds to the economic fallout from a longstanding political standoff: lawmakers are threatening to delay his budget for a third year…

Why Africa’s Top Oil Producer Is Low on Gasoline: QuickTake Q&A

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa)- Nigeria, Africa’s biggest oil producer and a member of OPEC, has suffered fuel shortages over the past few weeks. They complicated transport and hurt economic activity and, in the words of PresidentMuhammadu Buhari, ensured that for many Nigerians the Christmas holidays were “anything but merry and happy.” His administration says it’s working overtime to end the queues that have formed at gasoline stations throughout much of the country. Nigeria is about the…

Boko Haram Defies Buhari With More Attacks in Northeast Nigeria

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Ten months after Nigerian President Muhammadu Buhari declared a victory over Boko Haram, the Islamist militant group is stepping up attacks in the far northeast of the country. Boko Haram militants deployed at least 80 children as “human bombs” this year, Mark Lowcock, the United Nations under-secretary-general for humanitarian affairs, said on Tuesday in the north-eastern city of Maiduguri, the group’s birthplace. The most spectacular attack occurred in July when the…

Nigeria May End Multiple Naira Rates in Quest for Inflows

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria will end a system of multiple exchange rates that has deterred investment in its stocks and bonds, according to the head of the country’s main currency-trading platform. The central bank and Lagos-based FMDQ OTC Securities Exchange are taking a “phased approach toward a single foreign-exchange market,” according to Bola Onadele. “There is opportunity for convergence and there is no better time for it,” Onadele, also known as Koko, said…

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