Skip Ribbon Commands
Skip to main content

News Release

Lagos, Nigeria

Nigeria – A New Dawn…

The world cannot downplay the 2015 elections in Nigeria, its historical significance in the evolution of the country or its deep impact on its people's consciousness.


The world cannot downplay the 2015 elections in Nigeria, its historical significance in the evolution of the country or its deep impact on its people's consciousness. For the first time since the country's independence in 1960, Nigeria has successfully held a largely peaceful election where the incumbent lost and stepped down. The only similar precedence in the past was the 1993 election, which was immediately annulled by a military coup.  

President Goodluck Jonathan took things a step further however. In an unprecedented gesture, he called the opposition candidate to congratulate him even before the final vote tally – instantly and permanently sealing his legacy as a hero of democracy both for his nation and for the African continent.

The immediate effect of this simple gesture has already been felt.  The days following the election results, the equities markets have rallied up 17.2%, equivalent to gains of over N1.82 trillion (9.1 Billion USD). The euphoria has much to do with the hopes and expectations laid upon the new President Buhari and his administration. Analysts see Buhari as a reformist who will crack down on corruption, be more effective in the handling of the Boko Haram insurgency, and impose austere fiscal policy.

Prior to the elections, equities had been battered due to a mix of macro-economic concerns such as the crude oil decline (that pressured foreign reserves that obstructed the naira to dollar exchange rates), northeast region insecurity, and earlier heighted political risks.

Change in Nigeria will not happen overnight. Nonetheless, the optimism resulting from the election and its effect already felt on the economy is a positive sign that the country is heading in the right direction towards a new dawn.