The Tinubu Media Support Group (TMSG) has described the reclassification of Nigeria’s capital market by global index provider, FTSE Russell, and the revision of the country’s sovereign outlook by Moody’s as further evidence that President Bola Ahmed Tinubu’s economic reforms are yielding positive results.
FTSE Russell recently confirmed Nigeria’s improved status as a Frontier Market, while Moody’s revised Nigeria’s sovereign outlook from “stable” to “positive”.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the positions of the two global rating agencies affirmed that the Nigerian economy was on a positive trajectory under the Tinubu administration.
TMSG said the developments were particularly significant against the backdrop of campaigns by opposition politicians ahead of the 2027 general elections, which it accused of focusing on alleged deterioration in the economy.
“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.
It noted that FTSE Russell’s reclassification of Nigeria into the global Frontier Market category came nearly three years after the country was removed from the index in September 2023 due to challenges with capital repatriation and foreign exchange execution.
According to the group, the reclassification indicates that Nigeria’s capital market has regained sufficient accessibility and attractiveness to international investors.
TMSG also said Moody’s positive outlook reflected improvements in Nigeria’s economic fundamentals, including higher foreign reserves and an improving current account balance capable of providing greater resilience against external shocks.
The group argued that the developments contradicted what it described as negative narratives being promoted by opposition politicians seeking to portray the Nigerian economy as worsening.
“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,” it said.
While acknowledging the cost-of-living challenges arising from the ongoing economic reforms, TMSG maintained that favourable assessments by international rating agencies demonstrated that the administration’s policies were producing the desired macroeconomic impact.
“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,” the group said.
It accused some politicians of deliberately promoting pessimism about the economy for electoral gains, despite being aware of the significance of improved macroeconomic indicators to investment and economic growth.
TMSG urged Nigerians to disregard what it described as “doomsday projections” by politicians seeking to score political points, saying citizens were capable of understanding the significance of the latest assessments by FTSE Russell and Moody’s.
