Nigerian Stock Market Falls After Announcement of Presidential Election Results — Investors in the Nigerian stock market were met with disappointment as the All Share Index fell by 0.53% at the end of trading on Wednesday March 1.

Nigerian Stock Market Falls After Announcement of Presidential Election Results

Investors in the Nigerian stock market were met with disappointment as the All Share Index fell by 0.53% at the end of trading on Wednesday March 1. The market closed at 55,508.61 points, a decline from the 55,806.26 points recorded at the beginning of the trading day.

The decrease in the All-Share Index was attributed to the announcement of Bola Ahmed Tinubu as Nigeria's President Elect, following the controversial election that took place on Saturday February 25, 2023.

Despite the high hopes and support of young Nigerians for the Labour party candidate, Peter Obi, he ended up in third place with about 6.1 million votes, the same number of states as Atiku Abubakar, who also contested for the presidency.

Bola Tinubu was declared the winner of the election by the Independent National Electoral Commission (INEC) in the early hours of Wednesday, leaving some investors uncertain about the future of the Nigerian economy.

The Nigerian stock market had closed February with a 4.8% gain, despite challenges such as cash and fuel scarcity, and the election fever. However, on the first day of trading in March, only 29 stocks posted gains, resulting in a more flattish performance for most stocks, with around 117 stocks remaining stable. Some of the gainers included Ardova, Geregu Power and Wema Bank.

Investors enter the month of March with even more uncertainty as state elections will be concluded on March 11th, while the Labour Party and the PDP challenge the results of the presidential election in court.

The Nigerian stock market is still up by 8.8% year-to-date, but the outlook for March is less certain, given the prevailing political climate and the outcome of the ongoing legal challenges. Baba Datti Ahmed, Vice-President candidate of the Labour Party, announced that the party will challenge INEC’s decision, adding to the level of uncertainty in the Nigerian economy.