By Modupe Gbadeyanka
Minister of Works, Power and Housing, Mr Babatunde Fashola, has advised investors in the nation’s stock market not to always press the panic button whenever there is negative trend at the Nigerian Stock Exchange (NSE).
Speaking at an event organised in Lagos by the NSE and the London Stock Exchange (NSE), the former Governor of Lagos State said the Nigerian economy, like many other economies around the globe, respond to political crisis.
The local bourse recorded its first gain in 12 consecutive trading days on Monday.
While delivering his address at the 5th edition of NSE-LSE Dual Listing Conference at the Wheat baker Hotel, Ikoyi, last Friday, the Minister said it was normal for the market to experience such, especially a year to the general elections.
“The bearish run in the market is due to profit-taking embarked upon by some investors due to the uncertainties surrounding the upcoming elections.
“The Nigerian economy responds to politics like many economies and anyone who knows how the affairs of the world are run will expect these, as some of the people taking profit are preparing to fund the election,” Mr Fashola told the gathering.
According to him, “The operators in the market know better than to press the panic button, because the fundamentals of the economy are still strong and what is happening in the capital market is normal.”
Business Post reports that last Friday’s conference brought together companies keen to explore a London/Lagos dual listing, corporate finance experts, lawyers, capital market operators, regulators, government officials, media and thought leaders, featured keynotes addresses, presentations and panel discussions.
The discussions focused on ‘Attracting Global Capital to Drive Nigeria’s Economic Reforms and Sustainable Growth Development.’
Adedapo Adesanya