There may be no dragons, but the coming elections have their fair share of wannabe kings
With less than a year to go until national elections in February 2023, the political temperature in Nigeria is rising as power brokers in the governing All Progressives Congress step out of the shadows and into the limelight.
His candidacy has raised alarm in some quarters and excitement in others. Tinubu is a polarising figure, lauded for his role as governor of Lagos state, but tainted by allegations of corruption and financial impropriety. So, can the longtime kingmaker now become king? Other possible names include former and current APC governors such as Rotimi Amaechi and Kayode Fayemi. There has even been talk of the current central bank governor, Godwin Emefiele, contesting, but this suggestion is somewhat mischievous as his candidacy is unlikely for two reasons: he would need to relinquish his current duties at central bank governor and he lacks a strong political base to mount any significant presidential bid without the backing of Nigeria’s political elite.
Whoever becomes “king” will inherit somewhat of a poisoned chalice. The recent oil price spike notwithstanding, Nigeria’s economy has been sleepwalking for the better part of a decade. The new president will have an uphill task to revitalise the economy amid a host of critical challenges. Economically, these include questions of how to manage costly fuel subsidies and how to approach foreign exchange liberalisation.
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