Nigeria will hold its presidential election on February 16.

Some observers argued that investors have been buying Nigerian bonds partly to offset lower yields abroad, notably after the U.S. Federal Reserve hinted at a dovish stance on rates this year. Additionally, some watchers assumed there would be limited policy changes in Nigeria if incumbent Muhammadu Buhari wins re-election.

“If the incumbent wins, status quo could remain and if the main opposition wins … they sound more pro-market so investors have nothing to lose,” another trader told Reuters.

The main opposition candidate Atiku Abubakar stated he would consider an amnesty for corruption suspects, privatize state-owned oil company NNPC and float the naira currency to entice foreign investors back to the country.

For more information on the developing economies, visit our emerging markets category.

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