‘FTSE Russell, Moody Reports Confirm Nigeria’s Improving Fiscal Health Under Tinubu’
By Sunday Etuka
The Tinubu Media Support Group (TMSG) has described the recent reclassification of Nigeria’s capital market as a Frontier Market by global index provider FTSE Russell as another global endorsement of President Bola Tinubu’s economic reforms.
The group also welcomed Moody’s decision to revise Nigeria’s sovereign outlook from “stable” to “positive,” saying both developments affirm that the country is on a positive economic trajectory under the President.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG said the timing of the reports was significant, coming as opposition presidential candidates attempt to build their campaigns around sentimental arguments about the economy.
It described the assessments by FTSE Russell and Moody as a positive development for the country.
The group noted that FTSE Russell’s reclassification comes nearly three years after Nigeria’s exclusion from the Frontier Market category in September 2023, when difficulties in capital repatriation and foreign exchange execution had made the market inaccessible to international investors.
It said the reclassification puts Nigeria’s capital market on par with some of the best in the world, while Moody’s report points to an improving economy, higher foreign reserves, and a strengthening current account balance capable of withstanding external shocks.
TMSG argued that these developments expose opposition politicians who have built their campaigns on claims of a worsening economy, describing such narratives as an attempt to mislead Nigerians.
While acknowledging the cost of living pressures accompanying ongoing reforms, the group said favourable assessments from the two rating agencies show that government policies are beginning to deliver the desired macroeconomic impact, noting that stable fundamentals must first be in place before economic benefits can trickle down to ordinary citizens and attract foreign investment.
The group said it believed politicians, including those in the opposition, understand this reality but continue to promote pessimism for political gain ahead of elections.
It added that it remains confident most Nigerians are informed enough to appreciate the significance of reports from agencies like FTSE Russell and Moody’s for the country’s global investment standing.
TMSG urged Nigerians to disregard doomsday economic projections from politicians it said were more interested in scoring cheap political points than presenting an accurate picture of the country’s progress.
