Moody's Upgrades Outlook on Nigeria to POSITIVE

Ratings agency Moody's on Friday revised its outlook on Nigeria to positive from stable, citing possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts.

The agency also affirmed its "Caa1" long-term foreign currency and local currency issuer ratings.

Nigerian President Bola Tinubu is seeking to boost growth and attract billions in new investment after taking charge of Africa's biggest economy, which is grappling with shortages of foreign exchange, low oil output and widespread insecurity.

Tinubu has undertaken the country's boldest reforms in decades by scrapping a popular but costly fuel subsidy in May, removing exchange controls and ending a ban on some imports.

The reforms have been welcomed by investors, but unions say they led to soaring costs while inflation has been in double-digits in Nigeria since 2016, further eroding savings and incomes.

"These policy changes, and those potentially to come, have raised the prospects of a fiscal and external improvement in the country's credit profile," Moody's said in a statement.

Last month, Tinubu urged the parliament to approve $8.69 billion and 100 million euros ($107.47 million) for projects across infrastructure, agriculture, health, education, water supply, growth, security, employment generation, as well as financial management reforms.

The Central Bank of Nigeria in November started clearing $7 billion outstanding foreign currency forwards in a bid to attract new dollar inflows and stabilise the naira, which has been weakening to record lows.

In August, S&P Global Ratings had revised its outlook on Nigeria to stable from negative and affirmed its rating at 'B-/B'.

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Reporting by MacDonald Dzirutwe And Anandita Mehrotra; Editing by Shinjini Ganguli

https://www.reuters.com/world/africa/moodys-upgrades-outlook-nigeria-positive-2023-12-08/

I keep telling people that this country is destined for greatness.

The world sees it.

And once Nigeria rises, Africa rises.

This is not from Reuters but from IPOB. Under the leadership of the first class accountant of the Chicago State University, the Nigeria economy is the best and anybody saying otherwise is a fool. Nigerians are enjoying

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Reporting by MacDonald Dzirutwe And Anandita Mehrotra; Editing by Shinjini Ganguli

https://www.reuters.com/world/africa/moodys-upgrades-outlook-nigeria-positive-2023-12-08/[/quote]

Economics 101. The basics, gather your own data from the street and make an informed decision. The prices of basic staples such as garri, rice, indomie, beans, cooking oils, bread etc are far beyond the average salary thus making it impossible for an average household to have a substantial disposable income. So the people are poorer, companies are shutting down due to high cost of doing business which was previously cushioned by higher turnover, lower sales volume because of lower disposable income is helping.

The jamboree lifestyle of those in charge is not helping matters too, I will never invest in a company whose CEO is living above their income, that is a recipe for disaster, I wish to disagree with this report because of my facts and will visit here by March 2024 to compare results.

For those who doesn't understand, remember same international media reported that the true value of the Naira is less than 700 to a dollar but today it is over a thousand official rate. When an administration has a huge budget for media, expect false news,empty headed attack dogs and false hopes at a scale never seen. A government that encourages you to look up to tomorrow while they steal your present.

They can see the good times are coming already.

IPOB terrorists must not eat from the fruits of the land. Nigeria is moving under jagaban and IPOB wailing is just 6months old from 48 months.

So henceforth we should not take cognisance of Reuters rating or we should not take cognisance of it only now that Tinubu is the president. Pls explain how foolish n pathetic you n your comment is to the entire world.

Taich:


....................

Reporting by MacDonald Dzirutwe And Anandita Mehrotra; Editing by Shinjini Ganguli

https://www.reuters.com/world/africa/moodys-upgrades-outlook-nigeria-positive-2023-12-08/

Economics 101. The basics, gather your own data from the street and make an informed decision. The prices of basic staples such as garri, rice, indomie, beans, cooking oils, bread etc are far beyond the average salary thus making it impossible for an average household to have a substantial disposable income. So the people are poorer, companies are shutting down due to high cost of doing business which was previously cushioned by higher turnover, lower sales volume because of lower disposable income is helping.

The jamboree lifestyle of those in charge is not helping matters too, I will never invest in a company whose CEO is living above their income, that is a recipe for disaster, I wish to disagree with this report because of my facts and will visit here by March 2024 to compare results.

Good news.

Will the upgrading reflect in Nigerians buying food cheaper with the same amount?

1

Let it reflect on the streets.

na so buhari they give us update till 8years pass.well let the update keep coming.after another 8years good people of Nigeria will check if we have move forward or backward.this news na to give touts on this forum bragging right.as of today na semi backward the country they from where buhari moved it to

Any positive stat - let it reflect on the street.

Any negative news - we told you BAT no Sabi anything!

Nice

raskymonojendor:
Good news.

Good News Indeed

Fact on ground remains that prices of goods & services continue to escalate, and life is becoming increasingly unbearable for the average Nigerian.

That's what matters most to the average Nigerian.

Imagine ordinary Tom-Tom sweet now costs ₦30.

Jagaban is doing it slowly and surely ..

Tell that to the useless and senseless agbodorians not sensible men like me
Rubbish

spinna:
Jagaban is doing it slowly and surely ..

Zombie oh Zombie

On paper abi lol

IPOBdients won't be happy with this news

seunmsg:
They can see the good times are coming already.

Keep deceiving yourself

Ballmer:
So henceforth we should not take cognisance of Reuters rating or we should not take cognisance of it only now that Tinubu is the president. Pls explain how foolish n pathetic you n your comment is to the entire world.

The rating is done by moody, not by Reuters. Reuters is just like the likes of Punch, The nation, Dailytrust etc.

Okay

spinna:
Jagaban is doing it slowly and surely ..

Remember, the same was said about the last administration, was even termed baba go slow. Until the impact is felt, all these are mere assumptions.

Mindlog:
Will the upgrading reflect in Nigerians buying food cheaper with the same amount?

no inflation will keep rising till mid next year before every start dropping.

The inflation was expected