The results of Nigeria’s presidential election were quickly challenged by the opposition this week, which is likely to keep investors on tenterhooks. And even once the dust settles, we suspect that optimism about major pro-market reforms will fizzle out. Elsewhere, military exercises involving the navies of South Africa, Russia and China concluded this week with the timing of the drills raising questions about South Africa’s foreign policy neutrality. This suggests that South Africa may be leaning towards the China-aligned block in a fracturing world, rather than staying unaligned as we had initially assessed.
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