FTSE Russell, Moody’s Reports Strong Indication of President Tinubu’s Positive Economic Reforms- TMSG
Oru Leonard
The Tinubu Media Support Group (TMSG), has described the latest assessments by FTSE Russell and Moody’s as strong indications that Nigeria’s financial and fiscal outlook is improving under President Bola Tinubu’s administration.
TMSG, in a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, said FTSE Russell’s reclassification of Nigeria as a Frontier Market and Moody’s decision to revise the country’s sovereign outlook from “stable” to “positive” represented significant endorsements of the administration’s economic reforms.
The group said the developments demonstrated growing international confidence in Nigeria’s economy, particularly at a time when opposition politicians were highlighting the difficulties associated with the ongoing reforms.
According to TMSG, Nigeria’s return to the FTSE Russell Frontier Market category, nearly three years after its exclusion in September 2023, reflects improvements in the country’s capital market and foreign exchange environment.
It also said Moody’s positive outlook pointed to strengthening economic fundamentals, including improved foreign reserves and the current account balance, which could enhance Nigeria’s ability to withstand external shocks.
TMSG argued that the latest assessments contradicted claims by opposition politicians that Nigeria’s economy was deteriorating.
“While we are not unaware of the cost-of-living crisis arising from ongoing reforms, favourable reports from respected global rating agencies demonstrate that the administration’s policies are beginning to deliver the desired macroeconomic impact,” the group said.
It stressed that sustainable economic recovery requires sound macroeconomic fundamentals capable of attracting foreign investment, adding that the benefits of economic reforms may take time to filter down to ordinary Nigerians.
The group accused opposition politicians of deliberately amplifying pessimism about the economy for political advantage ahead of the next elections.
TMSG urged Nigerians to pay attention to assessments from credible international institutions and reject what it described as “doomsday projections” by politicians seeking to score cheap political points.
It maintained that the latest FTSE Russell and Moody’s reports should give Nigerians confidence that the country’s economy is moving in a more positive direction.
Photo Credit: Chat GPT
