The former Nigerian military dictator, Gen Olusegun Obasanjo, will be sworn in as president tomorrow. He is expected to bring about a total change of the political direction that plunged the country into socio-political and economic crisis for over 15 years under the military dictatorship.
The leader of the outgoing junta, Gen Abdusalami Abubakar, will be remembered as only the second Nigerian military leader since independence in 1960 to hand over to a democratic president. The first, Gen Obasanjo, who last relinquished power 20 years ago, also becomes the first military dictator to be elected president of the country.
His stated intention is to overhaul and clean up the Nigerian political system.
Rather than waste the three months between his election and swearing-in, he has already undertaken a strong reforming role. He embarked on a world tour to improve Nigeria's image and to solicit the support and co-operation of business and the international community for the "renewal, revival and reconstruction" of Nigeria.
However, pro-democracy analysts have expressed serious concern about the difficulties facing an Obasanjo-led government. They point to his strong military connections, arguing that he could end up becoming an "errand boy" to the "spoilers" or military clique who supported his presidential ambition and have not disengaged from politics.
This connection would make it virtually impossible to establish democratic principles in the country. Moreover, his health is said to be deteriorating, and his supporters last week rioted after rumours of his death.
But the gloomy condition of the economy of the country, the world's 13th-largest oil producer, is even more worrying. The first quarterly economic report published by the outgoing government earlier this month shows a sudden and significant drop (40.3 per cent) in Nigeria's foreign reserves, from $6.7 billion last December to $4 billion in March, a drop higher than the projected figure for the entire year. The devaluation of the currency, the naira, by 10.3 per cent against the dollar and inflation at 11.5 per cent all point to a depleted and fragile economy.
The incoming government will have to address key issues of healthcare, education and other essential services which are in a sorry state, as well as bringing about harmony between internal warring oil communities which have crippled oil production in the last few months.
Corrupt practices have eroded business confidence in Nigeria, and many Western businesses are afraid of doing business there. That crisis of confidence is a deterrent to foreign investment, essential for building the country's economy. Nigerian economists are asking how long the business and international communities will continue to lose genuine opportunities in the country because of their fear of being cheated.
The opportunities are undoubtedly as great as the risks. Last week, the co-ordinator of African Trade Centre Worldwide, now based in the US, Chief Pin Osuji, told The Irish Times: "Nigeria is one of the few places in the world where one can invest a dollar and reap up to 30 per cent in profit. It's a complete world and future for both Africa and the entire black race."
However, the system cannot be cleaned up overnight. Bad business dealings have been part and parcel of the country since colonial times.