Despite calls of injustice by the opposition candidates in Nigeria’s presidential election, it looks as if Umaru Yar’Adua of the ruling People’s Democratic Party, and Obasanjo’s hand-picked successor, is poised to win the presidency in a landslide victory. All this occurs in the midst of ballot shortages, vote-rigging, and two attempted attacks on government officials. International monitors of the election have rejected the results because of these irregularities.
Nigeria is the most populous country in Africa and has one of the largest deposits of crude oil in the world. Political instability in Nigeria caused by public outrage over the election could have serious repercussions for oil exports from the country, and the world oil market. Nigeria produces about 2.5 million barrels of high-quality, low processing oil a day which is about 3% of the world market, but political violence makes this increasingly difficult.