While there are also parliamentary elections, the focus is on the presidency. With incumbent Muhammadu Buhari not on the ballot, the main contenders are ruling party veteran Bola Tinubu, former vice president Atiku Abubakar, and third party candidate Peter Obi.Multiple exchange rates, widespread insecurity and low oil production due to massive crude theft are all problems that worry investors. Another focus is soaring fuel subsidy costs that devour government revenues and drive up debt.
Foreign investors held 16% of shares on Nigeria's stock exchange last year, sharply down from 58% in 2014, Nigerian Exchange Group data showed. "I believe that he used that word in a very liberal sense that is not the same sense that the markets give to that word," Carlos de Sousa, an emerging market debt portfolio manager at Vontobel, said of Obi's use of the word"restructuring".
Many investors, however, were cautiously optimistic that Nigeria would see improvements, whoever wins on Feb. 25.