Nigeria making steady economic progress amid reforms – DMO D-G
By Olawunmi Ashafa
Dr Patience Oniha, Director-General, Debt Management Office (DMO), says Nigeria is on a steady path of economic recovery, driven by fiscal reforms, improved credit ratings, and targeted investments in infrastructure and environmental sustainability.
Oniha said this at an investors meeting for the Series III Sovereign Green Bond issuance on Monday in Lagos.
She said that Nigeria had recorded notable improvements in its macroeconomic fundamentals, including stabilising inflation, gradual Gross Domestic Product (GDP) growth, and a rebound in crude oil production.
According to her, global credit rating agencies, including Moody’s and Fitch, had upgraded Nigeria’s outlook, reflecting growing investor confidence in the country’s economic trajectory.
“We have seen improvements in our ratings. There is clearly a difference from where we were before.
“This suggests that the reforms are working, even if the results are gradual,” she said.
On inflation, Oniha said that while it initially spiked to 30 per cent, it has since stabilised between 23 per cent and 24 per cent.
“That stabilisation is an indication that the economy is responding to monetary and fiscal policies,” she said.
She stressed the importance of GDP growth and infrastructure investments.
“We have seen post-COVID growth, though we acknowledge it should be higher.
“That is why there is a strong focus on infrastructure through the three-year National Development Plan.
“It is private sector-led, and once infrastructure improves, growth will accelerate,” she said.
She highlighted the recovery in oil production, noting that Nigeria had increased output from below one million barrels per day to between 1.5 and 1.6 million barrels.
She said that reforms in the oil sector, which include the unbundling of the NNPC into a limited liability company, were yielding results.
Turning attention to Nigeria’s growing commitment to climate financing, Oniha announced plans to issue a N50 billion Sovereign Green Bond.
According to her, the bond, which follows earlier issuances in 2017 and 2019 totaling about N25.69 billion, is part of the country’s broader strategy to tackle climate change and support environmental sustainability.(NAN)(www.nannews.ng)
Edited by Kadiri Abdulrahman
Published By
- Senior Editor
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