The Chairman of the Presidential Committee on Tax Coverage and Fiscal Reforms, Taiwo Oyedele, has refuted claims that overseas buyers exited the Nigerian capital market in response to United States President Donald Trump’s latest remarks about Nigeria.
Talking on a nationwide tv, Oyedele stated the latest volatility on the Nigerian Change was a part of regular market behaviour, not a response to political statements.
He defined that the slight decline adopted a interval of sturdy positive aspects and shouldn’t be misinterpret as panic or overseas capital flight.
“The capital market is at all times an up-and-down state of affairs,” he stated.
In line with Oyedele, the market stays sturdy regardless of the short-term correction.
“Even after the sell-off yesterday, returns are nonetheless slim to about 40 per cent, and in greenback phrases, about 50 per cent. This stays one of many best-performing markets on the earth, and we would like it to do even higher. However there isn’t any market the place issues proceed to at all times go up.”
He famous that buyers sometimes take income after sustained rallies, stressing that such actions shouldn’t be linked to unrelated points.
“The issue we created,” he famous, “is that after a long term of positive aspects and some days of declines, folks began attributing it to 2 issues: the capital positive aspects tax, which isn’t appropriate, and Trump’s situation with Nigeria over the genocide remark.”
Oyedele added that if any group have been to react to political statements, it might be overseas portfolio buyers. Nevertheless, accessible knowledge confirmed no vital exit.
“These folks needs to be overseas buyers, as a result of Nigerian buyers won’t dump due to Trump. In any other case, the place will they take the investments to?” Oyedele stated.
Reassuring buyers, he emphasised that the basics of the Nigerian capital market stay intact, and fluctuations are pushed by regular market cycles.
“It’s only a regular market cycle the place costs go up and down. As soon as we attribute them wrongly, it drives pointless sentiment,” he cautioned.
President Trump’s feedback had sparked reactions after he posted on Fact Social accusing Nigeria of failing to guard Christians and warned that the U.S. may perform a **“quick, vicious, and candy”** assault much like counterterrorism operations.
Regardless of the uproar, Oyedele maintained confidence available in the market’s resilience and urged buyers to stay calm as authorities reforms proceed.