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Nigeria President Buhari to run for election next year, markets aren’t so happy

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Nigerian President Muhammadu Buhari is to contest his party’s nomination for next February’s presidential election, leading to a rather downbeat reaction on the Nigerian stock exchange.

Stocks in Lagos dropped over 1 percent after his announcement Monday, Reuters reported, hitting a three-month low. Sentiment remained subdued Tuesday as stocks hovered around the flatline.

In fact, Nigeria’s stocks have been on a downwards trajectory for over a month.

Buhari’s leadership of late has been subject to speculation over his health, for which he sought treatment in London for several months last year. The president, 75, has not disclosed the reason for the treatment.

He is currently in the U.K. for talks with Prime Minister Theresa May ahead of the Commonwealth Heads of Government Conference in London next week.

In 2015, Buhari was the first Nigerian opposition leader to win an election. Representing the center-left All Progressives Congress (APC), he beat then-incumbent Goodluck Jonathan. Buhari previously ruled Nigeria in the 1980s as head of a military regime.

But, Nigeria has struggled on both its economic and security fronts since Buhari’s landmark election victory.

In late March, it emerged that Nigeria’s national budget announcement, initially planned for January, had been pushed back to the end of May.

The country experienced its first full-year recession in 25 years in 2016, with its economy hit by low oil prices. Economic growth remains sluggish, expected by the International Monetary Fund to be 1.9 percent for 2018, well below the emerging market average of 4.9 percent.

But, there has been some economic positive news. Nigeria’s state revenue for February edged up by 19 billion naira ($53 million), thanks to higher crude oil exports and prices.

Nigeria is one of the largest economies in Africa, and with over 180 million inhabitants is the continent’s largest population. In its manifesto, the APC pledged to create 1 million new jobs per year.

Islamist militant group Boko Haram continues to threaten the security of civilians in the northeast of the country. Meanwhile, militant attacks also continue in the Niger delta region, the country’s oil production hub.



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U.S. coronavirus death toll tops 200,000; just ‘the tip of the iceberg’

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Boris Johnson halts the UK’s reopening as coronavirus cases surge

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Tesla shares fall as Musk dampens Battery Day expectations

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Elon Musk, CEO of Tesla, stands on the construction site of the Tesla Gigafactory in Grünheide near Berlin, September 3, 2020.

Patrick Pleul | picture alliance | Getty Images

Tesla shares sank 4.5% in premarket trading Tuesday, after CEO Elon Musk sought to manage expectations ahead of the electric carmaker’s Battery Day presentation.

Musk’s company is expected to announce on Tuesday details about a new type of battery cell it has developed. Analysts had hoped the technology could help Tesla maintain its edge over rivals in the electric vehicle space, but Musk dampened such hopes Monday when he cautioned about hurdles to reaching mass production.

“Important note about Tesla Battery Day unveil tomorrow,” Musk tweeted, often his go-to for communications about the company. “This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022.”

Musk said Tesla would increase battery cell purchases from suppliers Panasonic, LG and CATL but warned “we still foresee significant shortages in 2022 & beyond unless we also take action ourselves.” Tesla has built a prototype manufacturing line for battery cells at a lab in in Fremont, California, near the company’s U.S. car plant.

Tesla shares fell over 6% in after-hours trading as a result, after closing almost 2% higher on Monday at $449.39. Still, share prices are up over 400% year to date on the back of a stock split and optimism around Tesla’s entry into the S&P 500.

– CNBC’s Lora Kolodny contributed to this report.

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