From Our Correspondent
Lagos, June 14, ’25 (TNZ): A Nigerian Think Tank, the Independent Media and Policy Initiatives (IMPI), has advised President Bola Tinubu against the temptation of allowing the 2027 election cycle to slow down the growing Nigerian economy.
TheNewsZenith reports that IMPI said that as Nigeria’s election cycle edges towards 2027, the President should not be tempted or make the mistake of slowing the pace.
“The President should forge ahead with the reforms to enable ordinary Nigerians and investors to enjoy the benefits of his shock therapy,” IMPI said at a press conference in Abuja.
Addressing newsmen, the Chairman of IMPI, Dr Omoniyi Akinsiju, said: IMPI joined other institutional and individual analysts in objectively reviewing the impact of the economic restructuring under the Tinubu federal administration.
Akinsiju referenced the Moody’s Rating, which validated President Tinubu’s economic reforms. Moody’s Rating upgraded Nigeria’s rating by a notch to ‘B3’ from ‘Caa1’. It cited significant improvements in the country’s external and fiscal positions.
Before Moody’s upgrade of Nigeria’s rating, IMPI chairman said another global financial service rating company, Fitch Ratings, had upgraded Nigeria’s sovereign credit rating to B with a stable outlook.
“This upgrade, which occurred on April 11, reflects increased confidence in the government’s commitment to policy reforms.
“Prior to the upgrade, Nigeria’s rating was at B- with a positive outlook.
“The upgrade is attributed to the government’s policy reforms, particularly those implemented since June 2023,” TheNewsZenith quotes Akinsiji as saying.
Read Related News:
- Atiku’s tirade against 2025 budget, judgemental error – IMPI
- $2.5bn JBS investment, Nigeria’s big economic victory – TDF
- Lagos-Calabar highway: IMPI tackles Atiku
- Protests legitimate but no room for insurrection – IMPI
- FG scraps BEA scholarship to curb waste – TDF
The World Bank, he also said, had always been effusive in commending the economic reforms embarked despite threat of political backlash.
He noted that in one of its Nigeria Development Update (NDU) reports, titled “Building Momentum for Inclusive Growth”, the World Bank remarked that the improvements in Nigeria’s fiscal conditions were primarily driven by increased federation revenues.
“These have contributed to the positive economic outlook for the country.
“It mentioned that economic growth in the last quarter of 2024 had surged to 4.6 per cent on a year-on-year basis, bringing the full-year growth for 2024 to 3.4 per cent, the highest since 2014, excluding the 2021-2022 COVID-19 rebound.’’
Akinsiju also mentioned the London-based Financial Times newspaper, as more declaratory in its review of Nigeria’s economic review.
“In a report, FT notes, Nigeria is in better shape than at any time in the past decade just halfway through the first term in office of the Tinubu federal administration.
“The report acknowledged that its verdict may come as a surprise to millions of Nigerians who are suffering the worst cost of living crisis in a generation,” TheNewsZenith quotes IMPI chair as further saying.
Yet, according to FT, “President Tinubu has stabilised the economy and laid the groundwork for a broader recovery though most ordinary Nigerians won’t feel that yet”. (TNZ)
Do you have a flair for Citizenship Journalism? Share stories of happenings in your area with TheNewsZenith on WhatsApp: +2348033668669. For more scintillating news, visit our website: www.thenewszenith.com. Also follow us on YouTube: www.youtube.com/@thenewszenithOnline, Facebook: www.facebook.com/@thenewszenithonline & Tiktok: www.tiktok.com/@thenewszenithonline
