No Evidence Of Foreign Exit from NGX Despite Trump’s Remarks—FG

Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Mr. Taiwo Oyedele, has dismissed suggestions that the recent sell-off in the Nigerian capital market was triggered by foreign investors reacting to controversial comments made by United States President Donald Trump about Nigeria.

Speaking on Channels Television’s programme, Oyedele clarified that the fluctuations witnessed on the Nigerian Exchange (NGX) were part of normal market cycles and not a reaction to political statements.

He stressed that the recent dip was consistent with natural market corrections following extended rallies, describing it as a temporary and expected adjustment rather than a crisis.

“The capital market is always an up-and-down situation,” he said.

“Even after the sell-off yesterday, returns are still slim to about 40 per cent, and in dollar terms, about 50 per cent. This remains one of the best-performing markets in the world, and we want it to do even better. But there is no market where things continue to always go up.”

Oyedele explained that investors often take profits after periods of sustained gains, resulting in brief downturns that should not be misinterpreted as panic or politically motivated action.

He cautioned against drawing hasty conclusions or attributing routine market movements to unrelated external factors.

“The problem we created,” he noted, “is that after a long run of gains and a few days of declines, people started attributing it to two things: the capital gains tax, which is not correct, and Trump’s issue with Nigeria over the genocide comment.”

He stressed that if any investors had reacted to President Trump’s statements, they would likely be foreign portfolio investors, but available evidence showed no significant capital flight or liquidation by offshore players.

“Those people should be foreign investors, because Nigerian investors will not sell off because of Trump. Otherwise, where will they take the investments to?” Oyedele said.

Reiterating that the NGX remains resilient and fundamentally strong, Oyedele added that market movements are governed more by economic realities and investor sentiment than by global political rhetoric.

“It’s just a normal market cycle where prices go up and down. Once we attribute them wrongly, it drives unnecessary sentiment,” he cautioned.

President Trump’s comments, which have drawn widespread reactions from political and diplomatic circles, came in a post on his Truth Social platform on November 2, where he accused Nigeria of failing to protect Christians from persecution.

He had warned that if the situation persisted, the United States could carry out a “fast, vicious, and sweet” attack, likening it to counterterrorism operations.

Despite the international attention sparked by the remarks, Oyedele maintained that Nigeria’s capital market fundamentals remain solid, with no signs of foreign investor panic or mass exits.

He urged investors to maintain confidence, noting that the government remains committed to ensuring market stability and sound fiscal reforms that promote long-term growth.

THE WHISTLER had reported that a sharp downturn in the equities market overshadowed the positive sentiment around the MREIF listing on Tuesday.

The NGX All-Share Index fell by 5.01 per cent, leading to a market capitalization loss of ₦4.6trn in a single day.

Analysts attributed the steep decline to investor apprehension over Nigeria’s recent designation as a “country of particular concern” by the United States government and lingering uncertainty surrounding the implementation of the proposed 30 per cent CGT expected to take effect from January 1, 2026.