A SUPPLEMENT TO EUROMONEY/APRIL 1999: NIGERIA
A step in the right direction
In the past, for every step forward, Nigeria has taken two steps back. The difference now, say Lagos-based bankers who describe themselves as "cautious optimists", is that the recent presidential election suggests that Nigeria is finally making some progress.
Barring any monumental upheavals, the country will on May 29 return to civilian rule for the first time since 1993. In February's presidential election, the Peoples Democratic Party (PDP) led by the former military ruler General Olusegan Obasanjo, amassed almost 63% of the vote. Even allowing for a low turnout and some jiggery-pokery in the management of the election, this would appear to leave the Obasanjo administration with a clear mandate.
Vitally, the transition to civilian rule will allow Nigeria to continue to shake off a reputation it developed by the mid-1990s for being a virtual pariah in terms of international diplomacy. Bankers say that the changes in Nigeria have fuelled unprecedented interest in the market on the part of overseas investors. One Lagos banker highlights the new president's proactive approach: "I think it was significant and very constructive that after the election Obasanjo's travel plans took him to several African economies as well as to some key trading partners in Asia and Europe."