This week’s presidential elections in Nigeria were historic. This was the first peaceful transition of power since the country declared its independence from British rule in 1960. Observers generally praised the election as being fair. And the incumbent president Goodluck Jonathan conceded defeat to challenger Muhammadu Buhari. The event didn’t go unnoticed by investors, who supported the biggest rally of the Nigerian stock market in five years. The promise of peace and stability in Africa’s most populous country has had a positive ripple effect all the way to the South African stock market (JSE) where mobile operator MTN, which runs a large division in Nigeria, is traded. Here’s to investors’ optimism being sustained.
First peaceful democratic transition brings Nigeria a "peace dividend"
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