Moody’s: Nigeria’s Credit Downgrade Worrisome – Obi

Presidential Candidate of the Labour Party, Peter Obi, has said the recent downgrade of Nigeria’s credit rating by Moody’s Investors Service from B3 to junk bonds signals to the global community of Nigeria’s current bleak economic fortune.

In a statement to the press on Wednesday, February 1, 2023, Mr Obi said that although the sad situation was a verdict on governments’  inability to fix the Nigerian economy, the seriousness of the issue does not call for blame games but a determined effort to provide the solutions that can improve the fortunes of Nigerians and the country itself.

“The ratings agency’s bleak outlook for our country is a wake-up call on the need for fundamental change and a new approach to formulating and implementing our nation’s economic policy,” Obi, a former governor of Anambra State, said.

“The persistent fiscal rascality, institutional vulnerabilities, and social challenges faced by our country are issues we must address frontally and with the seriousness they deserve.

“I don’t believe this is a time for blame games. Governments have done what they could but didn’t solve the problem.”

bring in the right team with the competence, capacity, character, and compassion to start reversing the trend and set on the path to solving the problems with the urgency and determination it deserves,” he added.

Obi maintained that despite the bleak economic outlook for Nigeria, all hope was not lost, stating that if elected, his administration would prioritise implementing policies that would address the nation’s institutional vulnerabilities and social challenges.

He added that his administration would work towards creating a more stable and predictable business environment and “focus on reducing the country’s reliance on oil production”, thereby strengthening its external profile.

“There is hope for a better future for our nation. As your brother and friend who also feels the impact of the misgovernance of Nigeria, and not just the Presidential Candidate of the Labour Party, I am committed to implementing a new economic vision that prioritises the needs of all Nigerians,” Obi said.

“Our plan will focus on creating jobs, boosting economic growth, and eradicating poverty while ensuring that our country’s finances are sustainable. We are not promising what we cannot deliver. Our track records are verifiable.

“We will work hard to break the vicious cycle of high government borrowing needs, rising interest rates, institutionalised corruption, and limited funding options. We will deliver on this.

“It is time for the actual change, and the Labour Party is ready to provide the leadership and vision needed to get Nigeria back on track. We must act now to restore confidence in our economy and secure a brighter future for all Nigerians.

“I believe that with the right leadership that we are offering and the quality team, we are putting together to get the job done, we will turn the tide of economic woes in Nigeria and create a more prosperous, equitable, and stable country for all Nigerians,” Obi assured.