It’s rare to see the bad state of Nigeria’s economy and bad governance actually agree on something, the latest example will be the terrible plummet in stocks at the Nigerian Stock Exchange (NSE) around the same time President Buhari announces his plan on running for a second term in office as a prospect for the All Progressives Congress Party (APC).
President @MBuhari has just announced his intention to seek the presidential ticket of the All Progressives Congress (APC) and contest for a second term of Office in the 2019 elections.
— Presidency Nigeria (@NGRPresident) April 9, 2018
NSE’s All-Share Index dropped by 411.98 points to close at 40,429.18, Unilever, Lafarge, Dangote Cement, Guinness and Dangote Flour were the top five losers and a market capitalization decline of N13.6 billion to settle at N14.741 trillion.
Analysts attributed the development to sell-off and profit taking on high cap stocks that suffered losses after their share prices were adjusted for dividend declared and some companies that declared unimpressive earnings, NAN reported on Monday.
President Buhari has received strong criticism on his methods of governing, security concerns as Boko Haram wrecks havoc coupled with his frequent ‘medical vacations‘ in London last year it’s unsure by the general public if Buhari is fit enough and in the right state of mind to rule, a view not shared by the president himself. “The president has declared and there is no need for concerns about his health if his party says he is the candidate for them,” Shehu told CNN. President Buhari hasn’t indicated a clear direction for the economic affairs making both local and foreign investors uncertain about the stability of conducting business, he’s also yet to sign the Economic Partnership Agreement (EPA), which was established as a free trade area between 16 West African countries and the European Union. “Our industries cannot compete with the more efficient and highly technologically driven industries in Europe. We are not enthusiastic about signing the EPA because of our largely youthful population,” he said.
Presentation of credentials of the European Union Ambassador to Nigeria and ECOWAS, Mr Ketil Karlsen to H.E. President Buhari today. Sharing views on the vital partnership between the EU and Nigeria. pic.twitter.com/6xPt9RuRYC
— EU in Nigeria 🇪🇺 (@EUinNigeria) April 5, 2018
Buhari won the last election on a mantra of ‘Change & Anti-corruption‘, a message he used to fool the public into believing he could live up to the propaganda his media team built. Three years in, the 75-year-old president rules over a corrupt government, and a string of bad policies. Only positive comes from the North-East, grateful for the government’s handling of Boko Haram terrorists who have now been pushed back from the lands they had captured under their rule. What will this mean for President Buhari in the 2019 elections drawing closer? Can the stock market recover?