Nigerian business applies the brakes ahead of 2023 election cycle

A new president is guaranteed

Scheduled for February 25, the election of the president and vice-president will mark the final term of President Muhammadu Buhari who, under the country’s constitution, and having already held the post in 2015-2019 and 2019-2023, is barred from standing for a third time. The same date will also see elections for the Nigerian Senate and Federal House of Representatives. Rounding out the picture, state elections, gubernatorial elections and elections for the state house of assemblies are scheduled for March 11.

So, it’s going to be busy. It’s also going to be complicated and fiercely contested, with 18 parties having registered to take part in some or all of the 2023 election cycle. This said, the main frontrunners and most popular political parties or candidates remain the ruling party – the All Progressive Congress (APC) – the People’s Democratic party (PDP), and the Labour Party (LP). The APC’s flag bearer is serial politician Alhaji Bola Ahmed Tinubu, who is a former governor and ex-senator. The PDP is fielding a former-vice president, Alhaji Atiku Abubakar, as its presidential candidate, while a former governor, Peter Obi, will be flying the flag for the LP. It is expected that one of these candidates will become Nigeria’s next president.

Under the Nigerian constitution, to win the election outright, a presidential contender must gain at least 25% of the votes cast in at least 24 states. Altogether, Nigeria currently comprises 36 states and a federal capital territory. If none of the candidates passes this 25% 24-state threshold, then a run-off election is held between the two leading candidates, with their participation decided by the number of votes cast.

Key issues in the election

The Nigerian media and other stakeholders have organized various presidential debates to explore the manifestoes of the most popular candidates and parties and give voters an opportunity to hear them address the key challenges the country faces. These include the economy, corruption, infrastructure, agriculture and education. However, none have featured all three main candidates in the same program, with the APC and PDP presidential candidates, in particular, finding reasons not to take parts.

With elections on the immediate horizon, there is a general feeling that the economy has slowed as everyone waits patiently for their outcomes. Most businesses are taking a cautious view on their spending and commercial projections for the year.

The election winners are expected to be sworn in during a nationwide live television broadcast and public holiday, on May 29.?

Written by: Temitayo Gaji

*This article is informative and is not to be used as legal, economic, or commercial advice.

Source:?Nigeria Law, INEC Nigeria