Election No Poisoned Chalice for New Nigerian Prez

So far so good for Nigeria’s new president, Umaru Yar-Adua. The election that brought him to power can only charitably be described as a farce. But his administration appears to have been on a roll since then.

First, an increasingly cynical Nigerian public showed little appetite for organized protest of the election results. Then he stared down a union-organized general strike against what most economists believe is a much-needed fuel price hike. Finally, his main opposition in parliament, the All Nigeria People’s Party, has decided to join his government.

Nigerian investors seem to like what they see. The Nigeria All Share Index is up 23% in US Dollar terms over the past three months.

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