Voters in Nigeria go to the polls on Feb. 25 and international investors are cautiously hopeful that whoever is elected as the next president of Africa's largest and most populous economy will be more market-friendly than the current government
"I believe that he used that word in a very liberal sense that is not the same sense that the markets give to that word," Carlos de Sousa, an emerging market debt portfolio manager at Vontobel, said of Obi's use of the word "restructuring".
The next president will need to ramp up government revenues from a very low base to make debt manageable and provide citizens with services, said de Sousa, noting that none of the major candidates had pledged to raise taxes. "President Buhari has set such a low bar," said de Sousa. "It's really not difficult to do things better."Few investors expressed a strong preference for who wins. All three main candidates propose variations of similar policies - FX reform, fuel subsidy removal or phase-out and boosting the economy.
If Tinubu emerges as the winner, there would likely be "a smoother transition," said Joe Delvaux, a portfolio manager at Amundi, which holds Nigerian sovereign bonds.
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