Taiwo Oyedele, Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, has dismissed claims that the recent downturn in the Nigerian capital market was triggered by U.S. President Donald Trump’s remarks about the country.
Speaking on Channels Television’s Business Morning, Oyedele explained that the fluctuations on the Nigerian Exchange (NGX) were part of normal market behavior rather than politically motivated sell-offs.
“The capital market naturally experiences ups and downs,” he said. “Even after the recent dip, returns remain around 40 percent, and in dollar terms, close to 50 percent. This is still one of the best-performing markets globally. No market rises indefinitely.”
He attributed the decline to routine profit-taking following sustained gains, stressing that such adjustments should not be misread as panic selling.
“The issue arises when, after a long run of gains and a few days of declines, people rush to link it to things like the capital gains tax, which is incorrect, or to Trump’s statements about Nigeria,” Oyedele noted.
He added that if Trump’s comments had any effect, it would likely be limited to foreign investors, as Nigerian investors would have no reason to divest locally. “Where else would local investors move their funds?” he said.
Available data, he said, show no significant exit of foreign investors, reinforcing that the dip was simply a natural market cycle. “Prices rise and fall. Misinterpreting these movements only creates unnecessary market sentiment,” he cautioned.
The remarks follow earlier comments from President Trump on his Truth Social platform, where he ordered the Pentagon to prepare a potential military plan for Nigeria, citing an “existential threat” to Christians. In a post dated November 2, Trump warned that failure to address killings could prompt a U.S. response, describing it as “fast, vicious, and sweet.”
Two weeks later, Trump reiterated the threat, suggesting the possibility of troop deployment or air strikes, stating aboard Air Force One, “Could be. I envisage a lot of things.” His statements have since provoked widespread reactions from political and diplomatic circles.
