President Muhammadu Buhari has congratulated Mr. Cyril Ramaphosa on his election as the President of the Republic of South Africa.

The President’s congratulatory message is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in Abuja on Thursday.

The President also felicitated with the African National Congress (ANC)), and the Government and people of South Africa, on the peaceful transfer of power that resulted in the election of President Ramaphosa.

The Nigerian leader saluted the leadership and statesmanship of former President Jacob Zuma, and wished him the best in his future endeavours.

According to the President, he looks forward to working with the new President of South Africa to enhance cooperation of the governments of Africa’s two leading economies.

The ANC leadership had on Tuesday advised Zuma to step down from office or risk being impeached by the parliament.

Zuma, however, announced his resignation on Wednesday night to pave way for Ramaphosa, a former trade unionist and business tycoon, to take over the political leadership in South Africa.

Meanwhile, South African stocks index rose as much as 5 percent on Thursday, putting the main index on track for its biggest one-day gain in more than three years, on hopes the resignation of Jacob Zuma as president paves the way for new leaders to quicken the pace of economic growth.

The currency remained on the front-foot, soaring to its firmest since early 2015 in the wake of Zuma’s exit. Analysts have however warned the rally faces serious obstacles ahead of a budget speech next Wednesday.

Zuma quit late on Wednesday, reluctantly heeding orders by the ruling African National Congress (ANC) to bring an end to a nine-year tenure punctuated by scandals, stagnant economic growth and policy uncertainty.

As of 1530 GMT, the blue chip Top-40 index .JTOPI surged 4 percent to 52,665 points, pulling back from a high of 53,072 achieved earlier but still on course for its biggest one-day gain since September 2015. The broader All-share index .JALSH was up 3.72 percent at 59,533 points.