Nigeria maintained its 3rd position in the ABSA Financial Markets Index – scoring highly on market depth, transparency and enforceability of legal agreements, a fair result considering the global challenges across many investment classes. Nigerians head to the polls in 2023 to choose a new government in 1 of 5 elections to watch according to the Council on Foreign Relations, a New York based Think Tank (the others being Turkey, Pakistan, Argentina and Bangladesh).
The leading contenders for the Office of The President find themselves on opposing sides, whereas they were once bedfellows in the not-too-distant past. And as is the staple of the season, debates have raged around who should win, and in characteristic Nigerian parlance, who ‘must lose’. Some suggest that the winner may likely come through a runoff election – which would be a first for Nigeria. Nigeria's economy has never been in straits this dire. The Naira declined precipitously and the Central bank sought to stabilise its value by redesigning the currency.