Stock market reacts negatively to President's 2nd term announcement

chika ebuzor

April 10, 2018 3:14 AM

The Nigerian stock market hit a three-month low as President Buhari announced he will be running for re-election.

The Nigerian stock market experienced an epic drop following President Buhari’s announcement that he will be seeking re-election.

According to Reuters, the stocks went down to a three month low.

The president announced his decision to the National Executive Committee of the All Progressives Congress (APC) on Monday, April 9, 2018.

Reuters also said “The stock market, which opened on a losing streak after Lafarge Africa announced a surprise 2017 loss, worsened its decline. The equity market fell near 40,000 points.”

There will be problem

Governor Abubakar Sani-Bello of Niger state recently said that there will be problem in solving Nigeria’s enormous challenges if Buhari fails to seek reelection.

The Governor said Buhari’s re-election into presidency in 2019 will help stabilise Nigeria’s economy and solve challenges facing the country.

ALSO READ:Nigerians are getting poorer under Buhari - IMF

Sani-Bello also added that Nigeria will slip back into recession if President Buhari was not reelected.

Buhari’s rating among Nigerians poor

President Buhari's job approval ratinghas dropped to its worst in 18 months.

This was revealed in a recent performance survey conducted by renowned agency, NOI Polls Limited.

The results of the poll, shows he's at 38% as at February 2018.

This is Buhari's second lowest score after he earned a 37% approval rating in August 2016.

chika ebuzor