Lagos - Analysts noted the People’s Democratic Party’s (PDP’s) victories in the oil-rich states arguing this could hamper the passing of regulations to develop the sector.
While the All Progressives Party dominated the elections, it has struggled in such regions as the Rivers and Delta States, which are endowed with oil, a key commodity in the country’s economy.
“Despite the APC’s extensive representation across the north of the country and the middle belt, its lack of presence in the five oil-producing regions could lead to partisan politics in the National Assembly, inhibiting the passing of laws relating to the petroleum industry,” Rand Merchant Bank (RMB) stated on Tuesday.
Its sentiments came as regional elections seemingly mirrored the outcome of the presidential vote, which was cast two weeks ago, as the APC captured 19 of the 29 seats being contested across the country. Despite the INEC declaring some states results as inconclusive and instances of violence in the highly-combustible south of the country, the elections were deemed to be largely free and fair.
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The president-elect’s (Muhammadu Buhari’s) coalition party, the APC, asserted its dominance in the North Central, South West and North West of Nigeria, unseating the PDP in many regions for the first time since independence.
RMB argued the APC’s retention of power in Lagos state was of “grave importance” as the interests of Nigeria’s commercial hub would be aligned with that of the federal government.
The think-tank noted that the outcome of the gubernatorial elections will guide the president’s administrative selection process as a number of influential individuals contested the governorships in key states.
“The Nigeria Governors’ Forum has in the past exerted considerable influence on national policies, particularly in matters relating to public spending.”