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Nairaland Forum / Nairaland / General / Business / Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms (7978 Views)
Nigeria’s Inflation To Hit 12% In 2019—fitch / Fitch Affirms Nigeria’s Kaduna State At ‘b’; Outlook Stable / S & P Affirms Nigeria’s Ratings As Stable (2) (3) (4)
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by BreconHills(m): 6:03am On Nov 05, 2023 |
Gilgil: They are rejoicing because based on events between 2023 to now one would have expected a C and outlook- poor. You have to understand that the larger the economy that harder it is to get improvements in your ratings because you are not operating from a low base. Let me give you an example- yields on houses in ikoyi were about 6% in 2022-23 while yields in Abule egba were about 14%. Does it mean that Abule egbas properties are better? No it means that high build prices of ikoyi homes are restricting real return and prices cannot find ready new buyers. So while we ought not to be dancing on this street, we can heave a sigh of relief that firstly it is not worse and secondly it remains attractive to investors yield arbitrage wise. The people that bring capital to Africa are exchanging higher risk for outsized returns that are impossible in safer and more stable climes. They still retain a bulk of their assets in safe countries but the upside return is in places like Africa and especially Nigeria. They are looking for the risk that you are trying to avoid because you have no safety net. Just a few weeks ago a UK secondary school invested $150mn in a new site in Lekki - the first of its type in Africa. Education sector we are all complaining about o. 2024 will see additional investments and better times. By 2025 we would all have new expectations of government and the difference will be clear. This is not about party it is about releasing the dynamism of the Nigerian people and putting the naysayers in their place. They all complain by day but seek contracts and opportunity from their so called "enemies" by night. Don't let your hands be slack - there is huge opportunity all around you. It's all good. 3 Likes |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by PHAYOL81: 6:10am On Nov 05, 2023 |
That's right. Rome wasn't built in a day so we will take all the positives and work on the negatives stalling the progress One certain thing to take home here is that this administrative team will never relent until NIGERIA regain its glory and investors confidence 1 Like |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by Ms202309: 6:23am On Nov 05, 2023 |
Biter Obi supporters won't be happy Useless bunch of swines |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by peacettw: 6:41am On Nov 05, 2023 |
zed7: This |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by Franknews1: 6:46am On Nov 05, 2023 |
Portable Challenge Carter Efe and Young Duu As He buy New Iphone for his Signees Watch video https://www.youtube.com/watch?v=2xYYZuh1Fow |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by Brushstrokes20: 6:50am On Nov 05, 2023 |
Until the man on the street is positively affected, The epistle up there is tantamount to Lorry load of TRASH FOR LAWMA .... NEXT! |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by rockyh(m): 6:54am On Nov 05, 2023 |
socialmediaman:Economics of paper not real life Economics of scale |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by Swiftgrp: 6:59am On Nov 05, 2023 |
FreeStuffsNG:Fitch ratings.. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by Mccullum: 7:30am On Nov 05, 2023 |
KingOfTheDamned: If you don't agree that hoarding of dollars by speculators causing devaluation and instability of Naira. That picture your poor understanding on economy. Mentioning buying of cars for legislators as reason for the state of Nigeria economy also indicate your inability to understand how economy runs without mentioning how it would have been useful and contributed to economy development of Nigeria also speak more about you. 1 Like |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by IbeOkehie: 7:55am On Nov 05, 2023 |
BreconHills: Thanks for this. I like your optimism. The real problem in Nigeria is socialism. The country is almost communist as far as I'm concerned. Little will be achieved until Nigerians come to grips with this ideological issue. The goal is development. Anyone interested should look up the economic meaning of the word. There was a lot of fine and productive private investment in Nigeria in the 1970s when the country was supposedly rich, but it was still massively underdeveloped. There will be very little development in Nigeria until the government completely floats the naira and implements real property rights. And that's just a start, the beginning of a looong and hard journey. EVERY OTHER THING is meaningless. Because those two basic things tend to undermine progress anywhere else in the economy. I'll never forget something that former Finance Minister Adeosun said while in office. It's still on her Facebook page somewhere. I think it was about reducing size of government or maybe abolishing fuel subsidy. She said basically that yes they know implementing this idea is good economic policy, but it is incompatible with APC ideology. ...and that ideology is of course Socialist Progressivism. I truly wish the government and people of Nigeria all the best. It's fascinating how a people can be so collectively ruinous. Good Luck to Nigeria. 1 Like |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by phemmyfour: 8:05am On Nov 05, 2023 |
KingOfTheDamned:If it doesn't affect the price of petrol or bag of rice in the market, its of no use to the common man. It's balderdash |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by obyno82: 9:20am On Nov 05, 2023 |
FreeStuffsNG: What did you smoke this morning really? Do you guys really fear God when you want to mislead people? Last year Fitch downgraded Nigeria in credit rating to B minus and now they are saying there is no change meaning that the Nigeria's credit rating is still bad as it is. You deliberately hid from people that JPMorgan has delisted Nigeria and put our credit status to standalone. 1 Like |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by obyno82: 9:23am On Nov 05, 2023 |
PHAYOL81: Are you smoking something? Is it that you guys don't read to understand. The report in essence is saying that your credit outlook has not changed from the low rating of B- that it was downgraded to during Buhari's administration. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by obyno82: 9:26am On Nov 05, 2023 |
FreeStuffsNG: Guy stop misleading people, the credit rating still shows that our economy is still bad. Nothing has changed really. Even Fitch put it mildly unlike JP Morgan who delisted Nigeria from their investment ratings to standalone. Make una fear God when una wan mislead people. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by BreconHills(m): 9:30am On Nov 05, 2023 |
IbeOkehie: Yes interesting point. APC are not socialists though just in the same way as Democrats are not socialist in the US. The only party that is meant by its very charter to be socialist is the LP and even they are not socialist. Kwankanso's party I think it is called the NNP is the closest Nigeria has to socialist if you discountenance Sowore's party whose name I can't remember right now. In my opinion, pure breed socialism is dead outside of Cuba, Venezuela and some fringe countries like Zimbabwe. A party like Nigerias PDP, United States Republicans and the UK Conservative believe that by putting money in at the top of the pyramid ( tax breaks, waivers, reduced labour laws, and even the privatisation of social services) it will trickle or flood down to the bottom thereby " lifting all boats" On the other side of the divide, parties like Nigerias APC, US Democrats and UK's Labour believe that by putting money at the bottom ( well funded social services, infrastructure, job support and even CCT) demand will grow for goods and services and the economy will grow. The difference between the UK, US and Nigeria is sincerity and transparency. Nigeria is far behind on these metrics. The parties both erect toll gates along the funding highway that benefit the fewest people thereby truncating the impact of either strategy. What Nigeria needs is a government that will go beyond sound bites and produce clear and actionable programs that can be measured. All parties in Nogeria believe in private property and enterprise but none, I repeat none has the political will to deliver an easy to access mortgage system and equitable SME and MSME funding. They are too beholden to private interests. Thank you for your contribution. It is hugely encouraging to see a person of ideas in what has become a sea of meaningless sound bites. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by temielects(m): 10:06am On Nov 05, 2023 |
Poorman go think say garri don cheap 😂 1 Like |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by IbeOkehie: 11:21am On Nov 05, 2023 |
BreconHills: (1) You're wrong. While one can say nothing is ever 100%, APC is definitely a Socialist Party. I can make that assertion because of their POLICIES. Because of what they've ACTUALLY DONE while in government. They've designed and implemented clearly socialist policies that they promised to deliver to the Nigerian people. And there's nothing wrong with that. (3) Government in the USA is much better than Nigeria on those metrics, but it has deteriorated terribly in the last few decades. In my estimation the USA is becoming more like Nigeria every day. Unfortunately. (4) This one is funny 😁 and has a whiff of denial. Because both major parties have truly, measurably and diligently delivered on (most) policies they promised the Nigerian people, especially in the ECONOMIC area. I clearly remember the 2015 election campaigns. President Buhari promised to keep fuel prices low, in practice that meant lower than the free market price. He promised NPower grants to unemployed graduates, loans to farmers, a school feeding program and stipend to poor families. He promised to defend the naira. I particularly remember he particularly promised to stop any further privatization and deregulation of prices. And you know what? He delivered on ALL these things, he did exactly what he promised. I believe these elements of the APC program were a big part of what motivated the Nigerian people to vote for President Buhari in 2015. That election was definitely free and fair. The people got exactly what they wanted. (5) Well thanks. I think poverty, tribalism and desperation has destroyed the intellect and morals of the Nigerian people writ large, but most especially the university graduates. It's almost impossible to have a reasoned discussion with them based on facts and logic. Have a good day. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by Mandate1: 12:30pm On Nov 05, 2023 |
Oblongata:when we have stable Electicity, reduced price for petroleum and stable fx at the rate Buhari left it, then Tinubu will get my support. I can't support and be crying. The country is currently bleeding. 1 Like |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by BreconHills(m): 1:31pm On Nov 05, 2023 |
IbeOkehie: Can you point to the socialist programs of the APC? Saying it is socialist doesn't make it so. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by IbeOkehie: 1:45pm On Nov 05, 2023 |
BreconHills: I already listed them in the post you're replying to. NPower, child feeding program, defending the naira, stipend for the poor, price controls on fuel and electricity, enforcing subsized pricing at federal universities, stopping further privatization and deregulation of government enterprises and markets. APC promised all the above and actually implemented them. They ACTED and implemented those policies as promised in their Manifesto and campaign speeches. The PDP on the other hand pursued a much more neo-liberal, free market, capitalist oriented agenda. They tried to move Nigeria away from its already predominantly socialist economic structure. They privatized and deregulated cement, petrochemicals, telecos and further deregulated banking. It was these efforts, especially related to the oil & gas sector, that led the feudal-socialists within the PDP to exit the party and join APC. We've all experienced the results of both policy tracks. Real life experience for all of us as individuals and as a people. I don't know what else to say. Good Luck to Nigeria. 1 Like |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by BreconHills(m): 2:12pm On Nov 05, 2023 |
IbeOkehie: But all these things are done by non socialist governments. It just comes under social benefits. Free milk, school buses, free school meals, unemployment benefits. In the UK you even get paid for perceived disability. The Nordic countries are even more generous with tax payers money - with assistance for father's to stay at home with newborns etc. No country in the world can run a completely capitalistic economy. No one. I think your comments are a strawman for the government. Anyway I guess today is Guy Fawkes night |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by PHAYOL81: 2:47pm On Nov 05, 2023 |
obyno82: YOU should be calming down. The report ain't all doom and gloom. Infact, the B grade despite being minus ain't the worst of all, and the report clearly specify that they stuck yet to that rating not because the steps the government is taking ain't good but because it's yet to reflect on the reality of our economy. We ain't rejoicing, we're merely hopeful things will improve if the administration continue on their positive strides GOD BLESS PRESIDENT TINUBU GOD BLESS,ALL PATRIOTIC NIGERIANS GOD BLESS NIGERIA |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by IbeOkehie: 3:23pm On Nov 05, 2023 |
BreconHills: Dear Sir, I must once again disagree. And I'm not too surprised at your arguments. Nope. Yes advanced countries do those things like free milk....AND THOSE KINDS OF PROGRAMS ARE SOCIALIST! The USA is a capitalist nation but it has plenty of such socialist programs. And those socialist programs are degrading the country, destroying the economy and reversing development. Norway and those Nordic countries are actually MORE CAPITALIST and free market than the USA. Do you know Norway and Sweden don't have minimum wage laws? Please don't just take conventional wisdom at face value. In fact I was having exactly this argument with someone else - this thread exposes my thinking https://www.nairaland.com/7742850/why-buhari-put-petrol-subsidy/5#126786061 Then watch this video- https://www.youtube.com/watch?v=jq3vVbdgMuQ?si=PdQLjlp04aRGTmIY You'll thank me later. This thing about socialist vs free markets is THE KEY to development. Cheers to you, all the best. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by Freethinker87: 5:05pm On Nov 05, 2023 |
Misleading headline. You mean Fitch maintained the poor B- rating from last year. For those wondering, economic rating goes like this. AAA AA A BBB BB B B- (We are here) CCC CC C RD D |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by Freethinker87: 5:10pm On Nov 05, 2023 |
FreeStuffsNG: Forward pitch? By what parameter did you measure and arrive at your conclusive forward pitch? Even Fitch did not anticipate any improvement hence it stuck to its previous ratings. Kindly explain this forward pitch to me like a teenager. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by Freethinker87: 5:16pm On Nov 05, 2023 |
Gilgil: Don't blame them. Agbadorians are usually sourced from a poorly educated talent pool. Just look at that FreeStuffsNG guy celebrating B-. He probably thought it was an academic B, a prestigious grade just below A. 1 Like |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by TheOgaBoss: 5:45pm On Nov 05, 2023 |
stuffs2002:wetin concern obi for the poor economic performance of tinubu so far? if the most ardent supporters of tinubu know that he has failed so far. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by obyno82: 4:06am On Nov 07, 2023 |
PHAYOL81: Haaaa!!!!! Bro fear God for once and stop the deceit, you are deceiving people online while in reality things are bleak. Once the dollar being borrowed is used for settling backlogs we are back to square one again and we will borrow again. Does it make any sense to you? It is patriotism to point out the failures of government. You rather are the problem of the country with your constant eye service and support of evil and not speaking up when clearly the government is towing a wrong path. |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by PHAYOL81: 8:21am On Nov 07, 2023 |
obyno82: YOU know what ? In scenario like this, you tend to see only what you care to see. IT'S MINDSET. I haven't even given you anything other than the opinion in the article:not my thought, even though what I see is hope. The article without bias portend hope even though things haven't really improved yet. ABOUT THE LOANS, they're procured to INJECT DOLLARS into the economy and with ban lifted on certain import commodities, things will definitely IMPROVE. YOU own your opinion if you think otherwise and we don't have to quarrel over it. CRITIQUES OR SUPPORT, let's see where the pendulum swings to. I HOLD MY POSITION, YOU HOLD YOURS |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by IbeOkehie: 3:01pm On Nov 07, 2023 |
https://www.dataphyte.com/latest-reports/economy/11-years-and-counting-as-nigeria-waits-on-her-5-billion-check-from-nnpc/ Nigerians need to get informed! Good Luck to Nigerians! |
Re: Fitch Affirms Nigeria’s Rating, Retains Stable Outlook On Reforms by obyno82: 9:12pm On Nov 07, 2023 |
PHAYOL81: Oga stop writing nonsense epistle. The reality is that the economy is shit, stop deceiving people 1 Like |
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