A pro-government advocacy group has welcomed recent positive assessments of Nigeria’s economy by global financial institutions, describing them as proof that President Bola Tinubu’s economic reforms are yielding results.
The Tinubu Media Support Group (TMSG) highlighted index provider FTSE Russell’s decision to reclassify Nigeria as a “Frontier Market,” alongside rating agency Moody’s decision to revise the country’s sovereign outlook from “stable” to “positive.”
In a joint statement, TMSG Chairman Emeka Nwankpa and Secretary Dapo Okubanjo said the developments demonstrate improving fiscal health and growing international investor confidence.
“Reports of economic stability by FTSE Russell and Moody’s are indeed a positive development for the country,” the group stated, adding that the assessments reflect stronger foreign reserves and a healthier current account balance capable of absorbing external shocks.
Market confidence returns
FTSE Russell had removed Nigeria from its global Frontier Market category in September 2023 due to severe foreign exchange shortages and capital repatriation bottlenecks that deterred international investors. Its reinstatement signals an easing of foreign exchange liquidity constraints.
The group acknowledged ongoing cost-of-living challenges across the country but argued that macroeconomic stability was a necessary precursor to broader economic relief and sustainable growth.
It also dismissed criticism from opposition figures regarding the state of the economy, urging the public to disregard political rhetoric ahead of upcoming election cycles and remain confident in the long-term trajectory of the reforms.
Add Comment