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‘Don’t panic over NSE’s bearish trend’

The Federal Government has urged investors not to panic over the negative trend being experienced in the Nigerian Stock Exchange .

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The Minister of Power, Works & Housing, Mr. Babatunde Fashola, gave this advice on Friday while speaking at the NSE-London Stock Exchange Dual Listing conference in Lagos.

He advised the investors to be calm because the nation’s economic fundamentals remained strong.

He said the bearish run in the market was due profit-taking embarked upon by some investors due to the uncertainties surrounding the upcoming elections.

Fashola said people were not sure who would win the election, noting that the development in the market was not unusual.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

He said, “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.

“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.”

He said the efforts of the present administration so far had driven the country out of decades of poor economic decisions.

“Our key sectors have improved steadily irrespective of the fact that we are living on 40-50 years infrastructure and we have not stopped yet, even as population has grown in manifold,” Fashola said.

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