Dear Subscriber,
As the world awaits breathlessly in anticipation of the outcome of what is likely to be the most keenly contested election in U.S. history, investors have already priced in the possibility of the surprise outcome of Madam President.
As typical with most U.S. elections, the markets are on the lookout for any unusual development often referred to as the October shock. This time the crisis in Lebanon and the jolting of the oil markets may be that unexpected variable. As for investors in Nigeria, they were mostly indifferent. They are concerned more about their economic survival rather than the big picture.
Nigerians in double jeopardy – Floods + Inflation
The cost-of-living crisis just became further excruciating as the price of petrol is now above N1, 000.00 per litre. The recent cut of 500 basis points by the Fed has made the U.S. dollar weaker relative to the basket of currencies, but the Naira also fell further towards N1,700/$.
The embattled Nigerian worker is now confronted with the exigencies of flooding and its impact. In the end, the cumulative effect of these problems will determine the political vulnerability of the system. In the last few elections, the integrity and effectiveness of INEC have been put to test.
Political restiveness in the axis of resistance
First, it was the Agbekoya (farmers reject hardship) riots 1969 in Ibadan, followed by the ransacking of Agodi prisons then it was the Maitasine riots in Kano and the Ebony magazine protests in Benin City. These three cities have been as effervescent as sodium bicarbonate. Their restiveness predates colonial rule and up until today, their anti-dictatorship tendencies have determined the political destiny of Nigeria.
In this edition, we interrogate the axis of resistance and what it means for political stability in Nigeria 2027 – tracing the history of anti-autocratic demonstrations and protests to the core axis of Benin City, Ibadan, and Kano. History is replete with examples of protests in this axis as they fought the British, the military, and the political Godfathers in the past.
The question, therefore, is how to accommodate these restive groups as the alliances for the 2027 elections gain momentum.
In this edition of the LBS Breakfast session, Bismarck Rewane and the FDC Think Tank analyse these issues, highlighting their implications for your business and investment strategies.
Enjoy your read!
