Nigeria’s dollar-denominated government bonds rose to 5-7 month highs on Wednesday after President Muhammadu Buhari, won a second term at the helm of Africa’s largest economy and top oil producer.
Reuters reports that the country’s longer-dated bonds were up as much as 0.8 cents in the dollar to extend a more than 10 cents rally since the start of the year.
However, business activities have been at low ebb at Idumota, Balogun and other markets on the Lagos Island since the election season commenced, a finding by the News Agency of Nigeria (NAN) has shown.
NAN correspondents, who visited the markets on Wednesday reported that activities were sluggish at the markets with traders complaining that they had been recording poor sales in recent weeks.
The traders, however, attributed the lull to the apparent tension generated by the general elections, which they said was now easing off.
Nigeria held landmark presidential and national assembly elections on Feb. 23 and President Muhammadu Buhari has since been declared winner of the presidential contest.
Buhari slugged it out with 72 other contestants in a crowded field, dominated by the APC and Atiku Abubakar’s PDP.
The Chairman of the Guinea and Ankara Fabrics Sellers’ Association in Idumota, Mr Olayiwola Tobun, lamented that members of the association had been recording poor sales because of the uncertainty that often characterized elections.
Tobun blamed the development on fear, noting however, that traders needed not to be afraid to come to the market as adequate security had been provided at parts of the markets.
“There is enough security everywhere in Idumota. The shops that are not open belong to traders, who are afraid because of the elections.
“But I can assure you that everyone is safe here. There is nothing to feat at Idumota Market.’’
A leading merchant, Mr Austin Alisa, corroborated Tobun’s claims on the poor sales, blaming the development on the uncertainty.
He said that the lull was due to the initial tension in the polity, noting that with the announcement of the results sales would peak soon at the market.
“Yesterday, we didn’t record any sale but it is a bit fair today.
“This area is relatively peaceful, but people are a bit scared.
“Some of the locked shops you see today were opened yesterday. There was very low turnout of buyers,’’ Alisa said.
The Treasurer of the Fabric Sellers Association at Woro Elewa Market also on Lagos Island, Mr Rasak Babamale, lamented the decrease in the number of people coming from neighbouring countries to make purchases at the market.
He said that traders from neighbouring countries, including Ghana, Senagal, Benin Republic and Democratic Republic of Congo had stayed out from the market since the election season commenced.
“The situation has really affected us because of the uncertainty accompanying the elections. The merchants decided to stay back in their countries to watch developments.
“I plead with everyone in Nigeria to take things easy so that there will be no loss of lives and properties because of election. Let’s give peace a chance.’’
The Auditor of the Idumota Branch of the Footwear Sellers’ Association, Mr Adebowale Oyedun, said that the policies of the Buhari administration had made Nigerians more prudent financially.
“Nigerians are wiser now and no longer spend money without caution. Low sales at the market is not all because of elections.
“All of the corruption-tackling policies of this administration have made people more prudent so we do not record sales as before.’’
