Affirms Peter Obi will emerge formidable force in 2027.
The Economic Intelligence Unit (EIU) predicts that President Bola Tinubu’s victory in the presidential election on February 25 will not be overturned by the courts.
The EIU, which predicted Tinubu would win the presidential election, also predicted in its most recent report that Mr. Peter Obi, the presidential candidate of the Labour Party (LP), would emerge as a formidable force in 2027.
Read Also: INEC declares Bola Tinubu the winner of the 2023 presidential election
Tinubu, the presidential candidate of the ruling All Progressives Congress (APC), was declared the winner of the last presidential election by the Independent National Electoral Commission (INEC).
Read Also INEC declares Bola Tinubu the winner of the 2023 presidential election
Tinubu defeated the other 17 candidates who ran in the election. He was victorious with a total of 8,794,726 votes.INEC Chairman Prof. Mahmood Yakubu, who announced the final results, stated that the Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, came in second place with a total of 6,984,520 votes in the election.
Obi finished third with 6,101,533 votes, while Rabiu Kwankwaso of the New Nigeria’s People Party (NNPP) finished fourth with 1,496,687 votes.Tinubu’s victory is being challenged by both Atiku and Obi in the Presidential Election Petitions Court.
Tinubu was predicted to win the presidential election by EIU prior to the 2023 general election.The EIU noted in its latest report, released over the weekend, that the LP’s presidential candidate, Obi, would emerge as a formidable force in 2027, pointing out that the court would not overturn Tinubu’s victory in the February 25 presidential election.
“Bola Tinubu, the candidate of the ruling All Progressives Congress, won the presidential election in February with only 36.6 percent of the vote.” The decision is being challenged in court, but EIU does not believe it will be overturned. “Mr. Tinubu prioritised winning the Muslim north, and calls for secession from the Christian-majority south will grow louder,” according to the EIU’s latest report.
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According to the report, Tinubu came to power in May after winning 37% of the vote in a February election with a 27% turnout.Tinubu took over from Muhammadu Buhari, his predecessor from the same party, the APC, according to EIU.According to the report, Tinubu has overcome his low popularity to launch a campaign of market reform on a scale and intensity that is virtually unprecedented in Nigerian history.
“He has deregulated the foreign-exchange market and petrol pricing, reforms that will result in a stronger economy in the medium to long run but will cause consumers short-term pain.” Due to a small fiscal footprint, the ability to protect households from rising prices is limited. In a country already grappling with multiple security crises fueled by high unemployment (a third of the workforce in 2020, according to the most recent official data) and widespread poverty, the prospect of mass unrest poses a significant risk to both the smooth implementation of reforms and the government’s ability to survive its first term. When Mr. Tinubu took office in May, inflation was 22.6 percent, and it is expected to rise sharply in 2023 and 2024. “As the president’s political capital dwindles, EIU expects his reform agenda to lose steam,” according to the report.
“The APC won a majority in the upper house as well as the most seats in the lower house.” Nigerian politics is fluid, with party affiliations often motivated by political expediency rather than ideology. Support for Peter Obi of the fringe Labour Party in the presidential election demonstrated dissatisfaction with the two-party system. With union support, he will undoubtedly raise the party’s profile and make it a more formidable force ahead of the next election in 2027′, the EIU added.
EIU, founded in 1946, forecasts global economic trends, political forces, and industry developments.They combine data, analysis, and forecasting to help businesses and policymakers make informed decisions.
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