Trump’s victory, a good omen for Nigeria’s economy – Abuja Chamber
NAN-HE-30
Victory
Isaac Aregbesola
Abuja, Nov. 9, 2016 (NAN) President, Abuja Chamber of Commerce and Industry (ACCI) Tony Ejinkeonye, says the victory of Republican presidential candidate Donald Trump in the U.S. presidential election may favour Nigeria.
Ejinkeonye told the News Agency of Nigeria (NAN) on Wednesday in Abuja that the victory of Trump might result to capital flight from U.S. to Nigeria and Africa as a whole.
According to him, the U.S. stock market is already feeling the impact, adding that the stock value is diving already.
He said that the Republican presidential candidate victory might stir anxiety in the mind of investors.
“The effect may not be immediate but in a short period it may affect the investors, and speculators mind set. Investors would be worried.
“Some investors may pull out their investments away from America and divert them to Nigeria and other African countries.
“There may be capital flight from U.S. to Africa or others,” he said.
He, however, said the victory might lead to a reversal of some agreements between U.S. and Nigeria, especially in the area of trade.
According to him, it may affect one or two agreements that Nigeria has with the U.S. like the AGOA scheme and others, but it will take a while before it can take effect.
The President of National Association of Nigerian Traders, (NANTS) Mr Ken Ukaoha, said Nigerians needed not to trouble themselves over the victory as it might not have much impact on the economy.
‘‘In all honesty, the U.S.- Nigeria economy, for quite a long time, has been on diplomacy and not reality.
“I think we should be a bit relaxed because for some years U.S. purchase of Nigerian oil has reduced and Nigeria did not die for it.
“U.S. has always been ruled by core politicians and technocrats, but now a realist has become the president. It is better to have ourselves in the hand of the pragmatists.”
According to him, for a businessman like Trump to win, it portends growth for the economy; there may be a reversal of hash policy to give way for economic growth in the country.
He said that it was high time Nigeria reduced its dependence on U.S. and others.
“We should work out our salvation, improve on our economy and strengthen the country. Make use of available resources.
“We should be thinking along the way of Trump planning to have a closed economy; we should also close our economy and grow it instead of depending on other developed nation,” he said. (NAN)
IAA/IA
Edited by Idris Abdulrahman