Markets surged when Muhammadu Buhari was elected president of Nigeria in 2015, but they slumped following his re-election this week. This is just another sign that investors have soured on the president and his interventionist economic policies. We think that he’s unlikely to change tack this term, and predict slow growth over the coming years. Elsewhere, slower-than-expected inflation in Kenya raises the risk that the CBK will cut rates this year.
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