- Tinubu enthusiastically welcomed Moody’s Investors Service’s recent upgrade
- According to Moody’s, the improved rating is based on “a more resilient fiscal position, stronger external accounts
- President Tinubu reaffirmed his administration’s dedication to maintaining prudent economic management while fostering inclusive growth.
President Bola Tinubu has enthusiastically welcomed Moody’s Investors Service’s recent upgrade of Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, with a Stable Outlook.
Eko Hot Blog reports that the Presidency views this development as a substantial vote of confidence in the nation’s economic direction and ongoing reform agenda under Tinubu’s leadership.
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According to Bayo Onanuga, the media aide to the President,the upgrade reflects the growing international recognition of Nigeria’s progress in stabilizing its macroeconomic environment, enhancing fiscal transparency, improving debt sustainability, and implementing market-oriented reforms.
This improvement in Nigeria’s creditworthiness serves as a signal to global investors and partners that the country is back on a path of responsibility, reform, and renewed credibility.
According to Moody’s, the improved rating is based on “a more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.” some of the measures taken to unify the foreign exchange market, remove fuel subsidies, increase non-oil revenue, and restore credibility to monetary policy through the Central Bank of Nigeria’s actions.
In response to the rating the President reaffirmed his administration’s dedication to maintaining prudent economic management while fostering inclusive growth.
“This upgrade signals to global investors and partners that Nigeria is back on a path of responsibility, reform, and renewed credibility. It underscores our unwavering commitment to transparency, discipline, and prosperity for all Nigerians,” the President said.
The recent rating upgrade is anticipated to improve Nigeria’s accessibility to global capital markets, leading to reduced borrowing expenses and an influx of foreign direct investment.
These outcomes will likely contribute to an acceleration in economic revitalization and increased employment opportunities.
The Nigerian government reaffirms its dedication to upholding the current reform trajectory and fortifying the resilience of the nation’s economy.
Key priorities include expanding the tax base, fostering the growth of the digital economy, enhancing industrial productivity, and providing essential support to the most vulnerable through carefully targeted social protection initiatives.
“This positive rating reinforces global confidence in Nigeria’s future and represents a milestone in the Administration’s goal of restoring investor trust, unlocking economic potential, and securing long-term prosperity”, Tinubu added.
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