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Presidency hails Fitch rating of economy

By on October 19, 2013

The Presidency on Thursday hailed the latest rating of the Nigerian economy by the global rating agency, Fitch, which acknowledged the reforms being undertaken by the President Goodluck Jonathan administration in the power and agricultural sectors as well as growing investors’ confidence in the economy.

The agency had on Wednesday assigned a stable outlook to the Nigerian economy.

The Presidency said the rating was an attestation to the success story of the President’s socio-economic blueprint contained in the Transformation Agenda.

A statement signed by the Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe, said the rating was indeed gratifying.

He said it was pleasing that the rating agency acknowledged the robustness of Federal Government’s fiscal policies, which he said had among others, ensured that inflation rate declined to eight per cent, the lowest in five years, as well as ensured that the country successfully avoided “exogenous shocks,” which could have occurred as a result of severe flood in 2012 and various security challenges occasioned by insurgents’ activities in some parts in the North.

Okupe said, “The Fitch report, which is consistent with other global rating agencies’ verdict on the Nigerian economy, also indicate that the non-oil sector is recording appreciable growth in line with the policy framework of the Transformation Agenda and that Nigeria’s sovereign and overall external balance sheets, current account surplus, debt service ratio and external liquidity are all stronger than the BB category Medians.”

He said the confidence expressed in the Nigerian economy was also attested to by the volume of investments coming into the country in the last two years, especially in critical sectors.

The presidential aide also said that the painstaking and transparent execution of critical components of the power sector road map launched by Jonathan shortly after assumption of office had been commended by economic experts and analysts, who described it as one of the largest singular privatisation exercise in the world.

He added that the privatisation exercise in the power sector, which yielded $3bn and had suffered hiccups in previous years, had effectively put Nigeria on a sure path to uninterrupted power supply.

 

 

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