₦airaland Forum

iresearcher:
(Bloomberg) -- President Goodluck Jonathan left the floor of the Nigerian Stock Exchange after a visit two weeks ago to traders singing “For He’s a Jolly Good Fellow”. Some investors would prefer that he keeps walking.
Since rising to a five-year high in July, Nigeria’s benchmark stock index has plummeted 30 percent and is now only 11 percent higher than when Jonathan took office in May 2010. Stocks in South Africa and Kenya rallied 90 percent in the period, while those in Zambia and Ghana more than doubled. The naira fell to a record in February, and domestic government bond yields of almost 16 percent are the highest among 31 emerging markets monitored by Bloomberg indexes.
“It’s been horrible,” Ayodele Salami, who oversees $200 million of Nigerian assets as chief investment officer of Duet Asset Management, said by phone from London on Feb. 23. “Foreigners have been getting out of equities and fixed income. Bond yields in Nigeria are now astronomically high.”
Jonathan’s failure to wean Nigeria off its reliance on oil, and save surplus revenue when crude prices were trading at record highs, is coming back to haunt his campaign for a second term in office. A plunge in crude of almost 50 percent since June risks slowing economic growth in 2015 to half the pace set over the past 15 years. A win for his opponent, Muhammadu Buhari of the All Progressives Congress, may tempt foreign investors back to Africa’s biggest economy and spur a rally in Nigerian assets, according to Holger Siebrecht at Boston-based Acadian
Asset Management.
Election Delay
The election was delayed by six weeks after security forces said they needed more time to defeat an insurgency by Islamist militant group Boko Haram, which killed 4,700 people last year, according to U.K.-based risk consultancy Verisk Maplecroft. With lower oil prices slashing export revenues, the International Monetary Fund forecasts growth of 4.8 percent this year, about half the average of the past 15 years.
Buhari, a 72-year-old former military ruler, is seeking to unseat Jonathan, 57, in what is set to be the nation’s closest election since Nigeria ended military rule in 1999.
Standard & Poor’s downgraded the West African country on March 20 to B+, four levels below investment grade, citing loss of income from oil and rising political risks. Nigeria, which has long had a reputation for endemic graft, ranked 136 of 175 countries in Transparency International’s 2014 Corruption Perceptions Index, level with Russia and Iran.
Buhari’s APC aims to boost economic growth to 10 percent and increase employment by providing cheap loans to small businesses, according to a manifesto on its website. Jonathan said on March 12 he will sell more state companies to the private sector if he wins and encourage oil, power and telecommunications firms to list on the stock exchange. His spokesman, Doyin Okupe, didn’t respond to Bloomberg’s telephone calls and text messages seeking comment.
‘More Effective’
“We think the market may welcome a win by General Buhari,” Siebrecht, who helps oversee $360 million of emerging-market debt at Acadian, said in an e-mailed response to questions on Tuesday. “Buhari is likely to be more effective than Jonathan” at tackling corruption and Boko Haram, and managing the government’s finances amid falling earnings from oil, he said.
Acadian joined investors including Morgan Stanley and TCW Group Inc. in cutting exposure to Nigerian assets in the last quarter of 2014. Foreign investors have reduced their holdings of naira government bonds to 14 percent of the total from as much as 27 percent in 2012, according to Standard Chartered Plc. Outflows from the equity market were the highest in November since at least 2012.
“If the government had saved substantially during the period of high oil prices, the nation would have had buffers to cushion the slide in the naira and by extension the stock market,” Sewa Wusu, head of research at Sterling Capital Markets Ltd., said by phone from Lagos on March 20.
The main problem for investors remains the naira, which has weakened 18 percent against the dollar in the past six months. While the currency rebounded 1.9 percent this month to 199.05 per dollar as of 3:32 p.m. in Lagos, trading restrictions imposed by the central bank mean it is overvalued and will probably weaken after the election, according to Investec Asset Management.
‘Foreign Flows’
“Investors are waiting for the election to pass, and they’re also waiting for the naira to devalue,” Joseph Rohm, a money manager at Investec, which oversees $107 billion, said by phone from Cape Town on March 20. “Once you see the naira devalue further you’ll see foreign portfolio flows back into Nigeria again.”
Forward prices imply the naira will weaken to 244 against the dollar in six months and 261 in a year, according to data compiled by Bloomberg.
Nigerian stocks trade at 7.9 times forward earnings, the lowest level after Zimbabwe among African bourses tracked by Bloomberg. They will probably rally whoever wins the election, but will be more buoyant if Jonathan is voted out, according to Lanre Buluro, head of research at Lagos-based Primera Africa.
“If Buhari comes in we believe the rally will be much more sustained,” said Buluro. “It would be a breath of fresh air. The country’s been ruled by the same party for 16 years.”
To contact the reporters on this story: Paul Wallace in Lagos at pwallace25@bloomberg.net; Neo Khanyile in Johannesburg at nkhanyile@bloomberg.net; Emele Onu in Lagos at eonu1@bloomberg.net
To contact the editors responsible for this story: Vernon Wessels at vwessels@bloomberg.net Robert Brand
http://www.bloomberg.com/news/articles/2015-03-26/jonathan-exit-seen-as-spark-needed-to-ignite-nigerian-markets

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Is there any problem with it?

Today na your turn, tomorrow na another person turn.

Dear Goodluck, we will not desert you, we know that you are not worse than OBJ and others, we also know that your second tenure will be better, less distraction and the attention would be shifted off you and you'd have free space to deliver the dividend of democracy to us.

ola6:
Cmon APC!!! This is propaganda. Those pictures are old nau!!!!


https://www.nairaland.com/820908/opc-marches-through-lagos-armed

That was in 2011... smh!

Busted

well, what can I say; what goes around comes around!

Hmm, Better late than sorry, let the will of God be done. i think election should not be conducted in the violent prone areas.

Yes ooh, Unlike SW, history will judge them

When senate summoned him, no problem but when the country's president did, it becomes a problem, APC is not just an ordinary time bomb but a gas chemical time bomb.

MISCHIEVOUS HEADLINE

yeah, that position best fits women

felifeli:
[size=18pt]Foolish half-literate people. The function of transformer is not to kill people but to distribute electricity. If you sit on a transformer and even hug it for the entire year it will not do anything to you so far the transformer is not faulty or you are not touching the exposed wires. Get sense Nairalanders [/size]

foolish people will ever occupy the first page. they do not know that transformers are well insulated, earthed that touching just the external body does not shock but the conductors inside are well insulated.

lol, what a comic relief

It is not yet over until it's over, the media propaganda continues

Like the agitation goes. . . let the fight on corruption begin, meanwhile, April fool in advance from the OP.

WisdomFlakes:
Who dash monkey banana. And what group is that? 'Igwe chop GEJ Egunje' group, abi na TAN?

lol, group thing na! what again? na we get our mouths, FOI things, GEJ I hail o! it's working

My group also predicts Gej victory. Unfortunately, the word "group" invalidated the prediction as majority votes will ever carry the day!

why do gently quiet men marry this type of women?

what time did the robbery take place? was is it the first time of robbery of that magnitude in lagos state, How much would it cost him to install CCTV cameras at some strategic locations in Lagos state, even if it means tasking the localities and all the area councils, what happens to being proactive again, then ask again, what change are they advocating for?


This country is doomed, country where a hypocrite like this is allowed to make some vital decisions for the masses. That was very wrong of him. Kettle calling pot black, what if he didn't call anybody name, say sorry and sit down as the chief security of a state and fashion out a way to check the future occurrence, no, he would put the blame on his sacrificial lamp.

This is nothing but a public display of idiocy and hatred.
God will judge them!

And only God can deliver humanity from covetousness.

if this is true, then the man is right but he should not resign, meanwhile, the trio should desist from campaign of insults and incitement, such words and practice are childish and unnecessary.

This is the state government's responsibilities, meanwhile, if this is all he has to show for 8 years in office, then there are a lot of questions that remain unanswered.

Everything is gonna be fine after the election.

yes oh, - - - -This poster does not know anything about the parable of the lost sheep

kestolove95:
So both. Gmb/gej dey hustle lagos...nd sum igbo's wia go dey waste dia tym dey. Shout gej till 2019 as. If dey are recogniz....mtseew how many eastern state gej don go?

barcanista:
I have modified my comment. All 15 answered

well answered

Wise senators, Even if the allegation was true, and worse off, he's not been indited either, moreover, is there any of them in that house that would say that he won the election that brought him there free and fair, including those that cross carpet.

How can he fight corruption, is it not Nigerians he will use? Does he know the actual cost of goods in the market, is he ICT compliant?
I do not see how. Nigeria as a country is resistant to positive change, hence APC is striving in their painting of GEJ administration in a bad light. what a shame how easily we can be swayed by a mere propaganda.

Is it war for those that are in his country or those in nigeria, meanwhile why did it take him this long to join in the fight.

Hello madam, you should be able to withstand pressure in the course of practising your profession and should a professional too. impatient could cost you your happiness and make you fall into a deep trap. You quickly posted the interview online without finding out if the protest was a stage managed one or not.

You stated political inclination as APC and PDP only contacted you to help also promote the positive achievements of GEJ administration and to know how much it would cost. To me it is normal as every adverts should be paid for.

I do not see why you will be blaming those that commented on your page for your own mistakes. You wanted them to take their time to research about you and your child whilst you never did the same before post that crappy video clips on your page.

If you believe this, you can believe that your father is someone else.
Because, Who conducted the search? The last I checked, no probe was instituted on her.

Fabricated news.
Liars would rather believe the news than all the posts on the efforts of our own Nigeria army they've seen so far.

Damage control kinda news.

This is the kinda thing that happens when you tell a lie that something will happen and it fails to happen, you'll tell another lie to cover it up.

The poster above me thinks every PDP member is GEJ