FTSE Russell, Moody’s ratings vindicate Tinubu’s reforms – TMSG
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FTSE Russell, Moody’s ratings vindicate Tinubu’s reforms – TMSG
By Alabidun Shuaib AbdulRahman
The Tinubu Media Support Group, TMSG has said Nigeria’s reclassification by global index provider, FTSE Russell, as a Frontier Market, alongside Moody’s decision to revise the country’s sovereign outlook from “stable” to “positive”, is a fresh global endorsement of President Bola Tinubu’s economic reforms.
The group said the decisions by the two international rating agencies indicated that Nigeria’s economy was moving in the right direction despite the challenges associated with the ongoing reforms.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the TMSG said the latest assessments were particularly significant against the backdrop of what it described as opposition politicians’ attempts to portray the economy as deteriorating ahead of the 2027 elections.
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The group said FTSE Russell’s reclassification came nearly three years after Nigeria was excluded from the Frontier Market category in September 2023 over difficulties relating to capital repatriation and foreign exchange execution.
It said the return to the index showed that Nigeria’s capital market had regained the confidence required to attract international investors.
The statement read in part, “Coming at a time that opposition presidential candidates are whipping up sentimental arguments to launch their campaigns, reports of economic stability by FTSE Russell and Moody’s are indeed a positive development for the country.
“FTSE Russell’s reclassification of Nigeria in the global Frontier Market category comes nearly three years after its exclusion in September 2023, when difficulties in capital repatriation and foreign exchange execution made the market inaccessible to international investors.”
The TMSG also said Moody’s positive outlook reflected improvements in the country’s economic fundamentals, particularly higher foreign reserves and an improving current account balance capable of providing greater resilience against external shocks.
The group argued that the assessments contradicted claims by opposition politicians that the Tinubu administration’s economic policies had worsened the country’s economic prospects.
It, however, acknowledged the cost-of-living challenges Nigerians had faced as a result of the reforms, particularly following the removal of fuel subsidy and changes in the foreign exchange market.
The group said such challenges should be considered alongside the broader macroeconomic objectives of the reforms.
“It is a fact that before the benefits of a stable economy begins to trickle down, the macroeconomic fundamentals have to be in place to encourage foreign investors to show interest in the country,” the statement added.
The TMSG said international assessments such as those of FTSE Russell and Moody’s could influence investor confidence and ultimately contribute to increased foreign investment and economic activity.
It accused opposition politicians of deliberately presenting a pessimistic picture of the economy for political advantage ahead of the 2027 elections.
The group urged Nigerians to disregard what it described as “doomsday projections” by politicians seeking to score political points.
It expressed confidence that Nigerians would understand the significance of the latest international assessments of the country’s economy and their potential implications for investment and economic growth.
