Abuja Chamber hails positive signs in economy after elections | Independent Newspapers Limited
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Abuja Chamber hails positive signs in economy after elections

Posted: Apr 6, 2015 at 12:49 am   /   by   /   comments (0)

By Chibuzor Emejor / Correspondent, Abuja


Abuja Chamber of Commerce, at the weekend, expressed delight over the sudden positive signs witnessed in the capital market and the exchange rate of the Naira in the past few days after the peaceful conduct of the presidential and National Assembly elections and the declaration of Gen. Muhammadu Buhari as the President-elect.

A statement at the weekend by its Vice President (Media), Jude Igwe, said the private sector has been worried over the negative trends that have persisted before the elections.

According to Igwe, the tension generated by the manner of campaign that was carried on by some politicians put a lot of apprehension on the minds of many investors in the Nigerian equities.

The Nigerian Stock Exchange (NSE)

The Nigerian Stock Exchange (NSE)

“The business community is now relieved and the cash is coming out again to the market. The demands on equities have increased up to about N12 trillion as well as positive earnings on the portfolios”.

“The upsurge is very heart warming. We believe that since the barometer for measuring the economy is the capital market, investors, both local and foreign should not be in doubt that life has returned to the system once again”, he added.

He noted that the business community was looking forward to the faithful implementation of economic policies promised by the President-elect, Muhammadu Buhari, during his electioneering campaigns.

“We are confident that with his pedigree as a disciplinarian, the economy will be run with discipline, leaving no room for waste or frivolities”, he  said.

“We are looking forward to seeing a strong team, made of serious minded and patriotic individuals that will bring not only their wealth of experiences but also display their patriotism to the growth of the economy”, he added.

Commenting further, he said:  “The private sector would like to see in the team, some practical entrepreneurs mixed with academics and technocrats so that their experiences in those areas will be brought to bear”.

“We would not like to see politicians who do not possess second addresses to manage our economy so that we do not witness a scenario where the goal of the managers is to sustain themselves in their positions rather  than sustain the system that guarantees their positions,” he however  posited.