Presidential Tax Reforms Chairman says recent NGX dip part of normal market cycle….
Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has dismissed claims that the recent decline in the Nigerian capital market was triggered by foreign investors reacting to comments made by U.S. President Donald Trump.
Speaking during a televised interview, Oyedele explained that fluctuations in the Nigerian Exchange (NGX) are part of natural market movements rather than reactions to political statements.
“The capital market is always an up-and-down situation,” he said. “Even after the sell-off yesterday, returns are still up to about 40 per cent and in dollar terms, about 50 per cent. This remains one of the best-performing markets in the world. There is no market where prices always go up.”
According to him, the recent dip was a profit-taking phase by investors after a long rally, not a panic sell-off.
“After a long run of gains and just a few days of declines, people began to attribute it to two things, the capital gains tax, which is incorrect, and Trump’s issue with Nigeria over his genocide comment,” Oyedele clarified.
He added that if Trump’s statements had any influence at all, only foreign investors might react but evidence shows they are not exiting the Nigerian market.
“Nigerian investors will not sell off because of Trump. Otherwise, where will they take their investments to?” he asked.
“It’s simply a normal market cycle where prices rise and fall. When we attribute it wrongly, we create unnecessary sentiment.”
Trump’s Threat Sparks Diplomatic Response
Trump, in a controversial post on his Truth Social platform on November 2, claimed Christianity was “facing an existential threat” in Nigeria and directed the Pentagon to draw up a “possible plan of attack.”
He warned that if Nigeria failed to stop the alleged killings of Christians, the United States would strike, saying such an operation would be “fast, vicious, and sweet.”
Two weeks later, aboard Air Force One, Trump reiterated his position, hinting that U.S. military action in Nigeria “could be” an option.
His comments have since triggered widespread reactions across political and diplomatic circles.
FG Opens Talks with U.S. Over Trump’s Remarks
Reacting to the controversy, the Federal Government of Nigeria confirmed that discussions are underway with U.S. authorities to ease tensions.
The Minister of Information and National Orientation, Mohammed Idris, told Sky News that diplomatic engagement has already begun.
“Channels of communication have been opened,” Idris said. “I can confirm that we are talking with them, and I think they are understanding the situation better.”
He added that the U.S. position stemmed largely from “a lack of proper understanding of the diversity and complexity of the problem we have at hand.”
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