• Thursday, March 28, 2024
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Citi Bank analysts say Nigeria stocks to rally if Buhari loses

Nigerian  Stock  Exchange  (NSE) 

For Nigeria’s stock market which has earned the dubious reputation as the worst performing in the world, a rally could be in the offing if President Muhammadu Buhari loses this weekend’s election, according to analysts at Citigroup.

A rally on the back of an election loss of the current leader could end a miserable run that’s seen stocks fall more than any other in the world in dollar terms since the 76-year-old former general came to office in May 2015.

A report by Bloomberg says some foreign investors would prefer a government led by Buhari’s main challenger, businessman and ex-Vice President Atiku Abubakar.

But while the 72-year-old Atiku has pledged to privatize state assets and float the naira, many are skeptical and point to allegations of corruption against the man who once served as vice president for eight years.

In 2017, CNN Money ranked the Nigeria stock exchange as the best performing in Africa and the third best in the world.

But the situation changed dramatically in 2018 when the Nigerian bourse lost N2.3trn with foreign investors pulling out over N600bn in the same period.

Bloomberg