TMSG Hails FTSE Russell, Moody’s Reports on Nigeria’s Economic Recovery

The Tinubu Media Support Group (TMSG) has described recent assessments by FTSE Russell and Moody’s as further evidence of improving confidence in Nigeria’s economy.

The group said the reports also offered fresh validation of President Bola Tinubu’s economic reforms.

TMSG welcomed Moody’s decision to move Nigeria’s sovereign outlook from “stable” to “positive”.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said both developments pointed to an improving economic trajectory.

It also cited FTSE Russell’s return of Nigeria to the global Frontier Market category.

The index provider had excluded Nigeria from the classification in September 2023.

TMSG said the earlier exclusion followed difficulties with capital repatriation and foreign exchange transactions.

It described the latest reclassification as a positive signal for Nigeria’s capital market.

“FTSE Russell’s reclassification of Nigeria in the global Frontier Market category comes nearly three years after its exclusion,” the group said.

TMSG also linked Moody’s positive outlook to stronger economic fundamentals.

It pointed to higher foreign reserves and an improving current account balance as signs of greater resilience against external shocks.

The group said the reports came as opposition politicians intensified campaigns ahead of the 2027 elections.

It accused some opposition figures of presenting an overly negative picture of the economy for political advantage.

“This clearly shows that opposition elements who have launched their presidential campaigns on the basis of a worsening economic situation are out to hoodwink Nigerians,” TMSG said.

The group acknowledged that the economic reforms had created significant cost-of-living pressures for Nigerians.

However, it argued that stronger macroeconomic fundamentals must come before the benefits of a stable economy can reach households.

TMSG said improved economic indicators would also create a more attractive environment for foreign investors.

It maintained that politicians understood this relationship but preferred to focus on negative narratives during election periods.

The group urged Nigerians to consider assessments from international financial institutions when evaluating claims about the country’s economic performance.

It expressed confidence that citizens would understand the significance of Nigeria’s improved standing among global financial and investment institutions.

TMSG called on Nigerians to disregard what it described as doomsday projections from politicians seeking political gains.