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Nigerian President Muhammadu Buhari and Nigeria's newly declared winner of 2023 presidential election, Bola Tinubu pose for photograph in Daura, Nigeria, March 1, 2023. Nigeria's Presidency/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT
Source: Africa Report.
Economists fear the policy settings communicated by Nigerian president-elect Bola Tinubu are likely to aggravate the country’s already strained public finances.
The fact that the election result is contested will make it harder to find lenders willing to brave the uncertainty. “Legal challenges to the election outcome are credit negative because they may delay the formation of a functioning government that can address Nigeria’s pressing credit challenges,†writes Lucie Villa, senior credit officer at Moody’s, in a note.
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