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Abuja Chamber of Commerce lauds turnaround in capital market, exchange rate.


THE Abuja Chamber of Commerce and Industry (ABCCI) has expressed delight over the positive turnaround of the nation’s economy as could be seen in the activities and good signs being displayed in the capital market as well as the exchange rate of the Naira following the peaceful conduct of the Presidential election.
“But now the business community is relieved and the cash is coming out again to the market while the demands on equities have increased up to about N12 trillion as well as position earning on the portfolios’’

Meanwhile, the President, Road Transport Employers Association (RTEAN) Alhaji Musa Shehu Isiwele has congratulated the President-elect, General Muhammadu Buhari , on his victory at the just March 28 Presidential polls.

Isiwele appealed to the President-Elect to be a father to all not minding the voting pattern and support that characterized the elections.

In a statement signed by RTEAN Media Consultant, Ambrose Inusa Sule and made available to The Guardian yesterday in Abuja, Isiwele stated that with the successful completion of the Presidential election, Nigerians can now heave a sigh of relief with the attendant tension in the polity prior and during the elections.

He also praised President Goodluck Jonathan for conducting the freest and fairest elections in the history of the country and similarly for his magnanimity in conceding defeat and congratulating his opponent.
According to the statement,’’Never in the history of the country have we members of RTEAN seen the hand of God in the affairs of this country—Nigeria, we are now witnessing the most peaceful, fair and freest election where an incumbent President lost an election and went ahead to immediately congratulate the winner’’
“We call on General Buhari to see his victory as a call, not minding those that did not support or vote for him’’.

Speaking with newsmen in Abuja, the ABCCI Vice President, Mr. Jude Igwe said the private sector had been concerned with the negative trends that persisted for weeks before the elections especially, in the capital market and exchange rate.

He said that the tension generated by the electioneering campaigns of some politicians had put a lot of apprehension on the minds of many investors in the Nigerian equity market, appearing as if the journey was more of one-way, “sell off and take your cash”.

He added that while the upsurge is heartwarming the chamber believes 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.

Igwe explained that the chamber hoped that the business community would be looking forward to the faithful implementation of the economic policies promised by the President-elect Buhari and that he would run it with discipline, leaving no room for waste or frivolities.

“We are looking forward to seeing a strong team, made of serious-minded and patriotic individuals that would bring not only their wealth of experience but also their love for the country into play, “he emphasized.

Igwe further maintained that the private sector would like to see in the team, some practical entrepreneurs mixed with academicians and technocrats so that their experience in their various disciplines would be brought to the table.

ABCCI, he noted would not like to see politicians who do not possess ‘second addresses’ to manage the economy so that Nigeria would not witness a scenario where the goal of the managers would be to sustain themselves and their positions instead of sustaining the system that guarantees their position.

He commended the improving exchange rate of the Naira with the appreciation recorded against some major international currencies at the official and unofficial market ends of the foreign exchange market.

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