BusinessDay 28 Feb 2019

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Bonds rise, stocks fall as investors rotate into fixed income OLUFIKAYO OWOEYE, OLUWASEGUN OLAKOYENIKAN & SEGUN ADAMS

D

Mahmood Yakubu (l), chairman, INEC, presenting certificate-of-return to President Muhammadu Buhari, winner of 2019 Presidential election, at the International Conference Centre in Abuja, yesterday. With them is Aisha Buhari, wife of the President. NAN

Focus shifts to Buhari’s secondterm economic outlook Analysts foresee ERGP sustenance, reforms to attract FDIs, others

IHEANYI NWACHUKWU

T

he 2019 Presidential and National Assembly elections are over and President Muhammadu Buhari of the All Progressives Congress (APC) has emerged victorious, defeating his main challenger,

Atiku Abubakar of the People’s Democratic Party (PDP), with 15.19 million votes to the 11.26 million. Much of the nation’s economic activities in past months were piloted against the backdrop of electoral uncertainty. But taking a cue from the outcome, emphasis has now shifted to what

President Buhari’s second term holds for the economy in 2019 and beyond. Many things are likely to play out within the first full year of the President’s second term, according to analysts who spoke to BusinessDay. These include sustaining the implementation of Economic Recovery and

Growth Plan (ERGP) to support economic growth at 2 percent; either termination or reappointment of CBN governor in June, and reforms to attract Foreign Direct Investments (FDIs). Others are sustaining the Federal Government’s welfare Continues on page 38

o l l a r- d e n o m i n a t e d government bonds on Wednesday rose to the highest in 5-7 months following the announcement of a second term for incumbent President Muhammadu Buhari. The Independent National Electoral Commission (INEC) in the early hours of Wednesday declared Muhammadu Buhari of the All Progressives Congress (APC) winner of the 2019 Presidential election. Mahmood Yakubu, INEC chairman and chief returning officer for the election, said Buhari secured a total of 15.2 million votes to defeat Atiku Abubakar of the People’s Democratic Party (PDP) who polled 11.3 million votes. Yields on Eurobond fell 1.81 percent to an average yield of Continues on page 38

Inside Fertilizer plant skyrockets Dangote’s net worth to $16.6bn P. 2


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BusinessDay 28 Feb 2019 by BusinessDay - Issuu