The Tinubu Media Support Group (TMSG) has said that the recent confirmation by the global index provider, FTSE Russell of Nigeria’s improved capital market as Frontier market is yet another global pass mark for President Bola Tinubu’s economic reforms.
In the same vein, it welcomed Moody’s decision to revise Nigeria’s sovereign outlook from “stable” to “positive”.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group noted that the position of the two global rating agencies on the Nigerian economy was an affirmation that the country is on a good trajectory under President Tinubu.
It said, “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 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.
“While it indicates that Nigeria’s capital market is at par with some of the best in the world, that of Moody shows that the country has an improving economy, with higher foreign reserves and an improving current account balance that can withstand external shocks.
“This clearly shows that opposition elements who have launched their Presidential campaign on the basis of a worsening economic situation are out to hoodwink Nigerians.
“And although we are not unaware of the cost of living crisis in the wake of ongoing reforms, favourable reports like those of these two global rating agencies show that President Tinubu administration’s policies are delivering the much desired macroeconomic impact.
“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.
“We dare say that politicians including those in the opposition know this yet they still prefer to market pessimism to Nigerians all in a bid to win the next election.
“We are however convinced that a greater majority of Nigerians are intelligent and knowledgeable enough to understand the import of reports like those of FTSE Russell and Moody to global investments.”
TMSG urged Nigerians to discountenance doomsday projections on the economy by desperate politicians who are out to score cheap political points at every election cycle.
