The Tinubu Media Support Group (TMSG) has described the latest assessments by global financial institutions, FTSE Russell and Moody’s, as further confirmation that Nigeria’s economy is on a positive trajectory under President Bola Ahmed Tinubu’s administration.
TMSG said FTSE Russell’s reclassification of Nigeria within the global Frontier Market category, alongside Moody’s decision to revise the country’s sovereign outlook from “stable” to “positive,” represented significant international recognition of the Federal Government’s economic reforms.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the latest reports demonstrated that Nigeria’s financial and fiscal fundamentals were improving despite the challenges associated with ongoing reforms.
According to the group, FTSE Russell’s decision was particularly significant because Nigeria had been excluded from its relevant market classification in September 2023 amid difficulties with capital repatriation and foreign exchange execution, which had made the Nigerian market less accessible to international investors.
TMSG said the latest reclassification indicated renewed confidence in Nigeria’s capital market and its growing integration into the global investment environment.
It also welcomed Moody’s positive outlook on Nigeria, saying the assessment reflected improvements in key economic indicators, including higher foreign reserves and an improving current account balance capable of providing greater resilience against external shocks.
“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,” the group said.
TMSG argued that the latest assessments contradicted claims by opposition politicians that Nigeria’s economy was deteriorating, describing such narratives as attempts to exploit economic hardship for political advantage ahead of the next election.
The group, however, acknowledged the cost-of-living pressures Nigerians continue to face as a consequence of the ongoing reforms, but maintained that the emerging improvements in macroeconomic fundamentals were necessary foundations for sustainable economic growth.
“It is a fact that before the benefits of a stable economy begin to trickle down, the macroeconomic fundamentals have to be in place to encourage foreign investors to show interest in the country,” TMSG said.
The group maintained that improved investor confidence, stronger external reserves and better fiscal and current-account positions would ultimately create an environment capable of attracting greater foreign investment and supporting long-term economic growth.
TMSG further accused opposition politicians of deliberately marketing pessimism about the economy in pursuit of electoral gains, arguing that Nigerians were capable of understanding the significance of international assessments such as those issued by FTSE Russell and Moody’s.
It urged Nigerians to disregard what it described as “doomsday projections” by politicians seeking to score cheap political points, insisting that the latest global assessments offered evidence of gradual improvement in Nigeria’s economic fundamentals.
