Nigeria's President Muhammadu Buhari has won a second term in office after a contentious Nigerian election this weekend.
Nigeria's President Muhammadu Buhari has won a second term in office after a contentious Nigerian election this weekend, but the opposition are refusing to accept the outcome and a period of uncertainty and unrest is expected to follow. That could impact the OPEC member's oil production, according to RBC Capital Markets' Global Head of Commodity Strategy Helima Croft.
INEC, which made the decision to postpone the election for a week due to operation and logistical challenges, said that it had been made aware of irregularities prior to the election — although it has itself been the target of accusations from both the main parties, accusing it of trying to influence the result in favor of the other. Tweet:
Nigeria is a significant oil and gas producer — the largest in Africa — and has the highest output among OPEC's African members, producing almost 1.8 million barrels a day in January, according to the latest data from OPEC. Nigeria is seen as one of the"fragile five" members of OPEC, however because its oil-rich Niger Delta region in the south of the country has been plagued with long-running unrest and disruption to, and sabotage of, its oil production from militant groups.
What's more, the Niger Delta region is a stronghold for the opposition PDP and violence in the region ahead of the election was pronounced with several deaths, including that of one of the electoral commission's staff who was reportedly shot on election day. Any disruption to its oil sector could have an impact on wider oil markets and price volatility, especially with output lower from Venezuela and Iran.
With the PDP rejecting the results and continuing questions about the credibility of the polls, RBC's Croft and her team said they believe there is a high risk of further bloodshed in the coming weeks, especially in Nigeria's oil region.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Buhari re-elected as Nigerian presidentNigeria's president was poised to be declared the winner of a second term in Africa's largest democracy after an election fraught with claims of rigging and collusion.
Read more »
Muhammadu Buhari re-elected Nigerian president – resultsNigeria's president was poised to be declared the winner of a second term in Africa's largest democracy after an election fraught with claims of rigging and collusion.
Read more »
Exclusive: Nigeria hits oil majors with billions in back taxesNigeria has ordered foreign oil and gas companies to pay nearly $20 billion in t...
Read more »
Nigeria’s Muhammadu Buhari wins a second term as presidentThe opposition is challenging the result, but it seems the president will get a second chance to improve the country
Read more »
Nigeria's Buhari wins second term as presidentNigerian President Muhammadu Buhari won a second term at the helm of Africa&039...
Read more »
Nigeria's president wins second termNigeria's president is poised to win a second term in Africa's largest democracy, with unofficial results showing a victory, his campaign spokesman said.
Read more »
Muhammadu Buhari reelected as Nigeria’s president after a vote marked by delays and clashesThe party of his main challenger, business tycoon and former vice president Atiku Abubakar, claimed to have evidence the results had been rigged.
Read more »
Nigeria's Buhari wins second term as president: electoral commission resultsNigerian President Muhammadu Buhari on Tuesday won a second term at the helm of ...
Read more »