What is the impact of the election of Bola Tinubu as the new President of Nigeria on the foreign trade between China and Nigeria?

posting on2023-03-13 09:47:25

Last week saw the results of Nigeria's 2023 presidential election, with Bola Tinubu coming in first place with 8.806 million votes to be elected as the next President of Nigeria.

Many foreign trade people must have a lot of questions in their minds about this new president who is about to take office, so today we will talk about the new president and the changes he may bring when he takes office!

Who is Bola Tinubu?

Born in March 1952, Bola Tinubu is one of the founders and leaders of the All Nigeria Progressives Congress (APC) and was governor of Lagos State in south-western Nigeria from 1999 to 2007. Now 70 years old, Tinubu is a southern Muslim and is widely credited with reshaping Lagos, Nigeria's commercial centre, as Nigeria's political patriarch, and has been called the "father of modern Lagos".

When does Bola Tinubu officially take office?

The new president will have a handover period of more than two months from incumbent President Muhammadu Buhari, with Tinubu officially taking over from President Buhari on 29 May.

What is the impact of the election of Bola Tinubu as the new President of Nigeria on the foreign trade between China and Nigeria?

For foreign trade people, this is what they are most concerned about. The confirmation of the President's choice will have an impact on the foreign trade between China and Nepal in the following ways.

1、Social security: With the end of the presidential election, the various riots and riot problems caused by the election will be greatly reduced, and social security will return to normal. A stable environment is beneficial to transaction security, cargo transportation safety, customs clearance efficiency, etc., and can also inspire foreign trade people to go to the local market development.

2. Exchange rate fluctuations: The Nigerian naira exchange rate has been depreciating over the last year and many are looking forward to the new president to revive confidence and stabilise exchange rate fluctuations, a healthy exchange rate is conducive to the continued development of trade between China and Nigeria.

3、Policy adjustment: Every president who takes office, the development guidelines and policies proposed will have an impact on trade between China and Nigeria. For example, if the new government adopts a more open trade policy, it will further expand trade with China, which is conducive to foreign trade people to better operate the Nigerian market.

Of course, these effects are only preliminary estimates at the moment, and the specific development will depend on the actual policy implementation after the new president takes office, which will require foreign trade people to keep an eye on the local situation in Nigeria. We will likewise continue to pay attention and provide quality logistics and transport services.

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