As politicking continues to trigger slump in Nigeria’s equity market, shareholders and operators are divided over the emergence of Atiku Abubakar as Peoples Democratic Party (PDP)’s presidential flag bearer as it affects the nation’s economy.
While some stakeholders described his emergence as a welcome development that would restore the fortunes of the stock market and the nation’s economy, others said he does not possess the credibility that could herald a vibrant economy.
Managing Director of Crane Securities Limited, Mike Ezeh, said: “The current government has not done anything to lift the economy and Nigeria currently ranks as the poorest country.
“The nation’s Gross Domestic Product (GDP) has not recorded any significant improvement in the past few years.
“Atiku’s emergence is a good omen because we have been yearning for a vibrant president. The development is good for the market. We have been looking for an alternative and he is a better alternative. He has the ideas and experience.”
President, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie said his emergency is a signal that there is ‘light at the end of the tunnel’.
“It is a welcome development for the economy and capital market. Atiku is experienced when it comes to the nation’s economic affairs, he definitely will spur massive development in terms of economic turn around. He has all it takes to run a good government and move the country forward.
“By his emergency as PDP candidate, there is still hope for Nigerians so I appeal to Nigerians to supports him so that Nigeria will become great again.”
Chief Relationship Officer of Foresight Securities Limited, Charles Fakrogba, said the stock market will record some level of stability since the process that produced the candidate is perceived to be free, fair and credible.
However, Managing Director of Highcap Securities Limited, Imafidon Adonri said: “Success of the PDP primaries is a good development, but Atiku’s emergence is a negative development because he does not have that level of credibility that can lead a vibrant economy.
“Therefore, the capital market may be indifferent to activities in the political arena.”
Also speaking, former Secretary General of Independence Shareholders Association of Nigeria (ISAN), Adebayo Adeleke said:
“It is too early to rally support for any candidate.
“Let the candidates come out and tell us his plans for the market and the economy. His agenda will determine the level of support he will get from stakeholders.”