Taiwo Oyedele: Moody’s Positive Outlook Validates Tinubu’s Reforms

The Federal Government has described Moody’s Ratings’ decision to revise Nigeria’s sovereign credit outlook from stable to positive as an external validation of the economic reforms implemented by the President Bola Tinubu administration.
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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this in a press release posted on his X handle on Saturday.

Oyedele said the latest assessment by the international rating agency reflected the impact of reforms undertaken by the government over the past three years, including the removal of fuel subsidy, exchange-rate reforms and tax reforms.

“Moody’s positive outlook is an important external validation of the difficult but necessary reforms this administration has implemented, from removing a costly and inequitable fuel subsidy to unifying the exchange rate, and the landmark tax reforms,” the minister said.

He added that the reforms were restoring the fundamentals of macroeconomic stability, citing stronger foreign reserves, a resilient external position, moderating inflation and improved monetary policy transmission.

According to the minister, the government’s medium-term objective is to move Nigeria towards investment-grade status.

Oyedele, however, said achieving the target would require sustained improvements in the country’s external position, domestic revenue mobilisation, spending efficiency and debt affordability.

“Our medium-term ambition is to place Nigeria firmly on the path to investment grade. That will require us to sustain the external gains Moody’s has recognised, while making faster progress on domestic revenue mobilisation, spending efficiency, and debt affordability,” he said.

He stressed that the government was not pursuing a better sovereign rating merely for its own sake, but to create conditions that would lower the country’s cost of capital, attract private investment and improve prosperity.

The minister’s reaction came after Moody’s revised Nigeria’s outlook to positive while affirming the country’s long-term foreign and local currency issuer ratings at B3.

The Federal Ministry of Finance said Nigeria’s current account surplus was projected to widen to about 6.1 per cent of GDP in 2026, while gross external reserves had risen to $53.30bn as of August 26, according to Central Bank of Nigeria data.

Moody’s also pointed to stronger-than-expected economic growth, with real GDP growth reaching four per cent in 2025, against an earlier projection of about three per cent.

Headline inflation has also moderated, falling to 15.4 per cent in July 2026 from 25.3 per cent a year earlier, according to the ministry.

Oyedele said the government would sustain the reforms underpinning the improving credit profile, particularly efforts to increase domestic revenue and strengthen public debt management.

The ministry also listed the maintenance of a disciplined and transparent foreign exchange regime, fiscal discipline and structural reforms aimed at supporting non-oil growth and diversifying government revenue among its priorities.

The ministry noted that Moody’s had indicated that Nigeria could secure a further rating upgrade if the improvement in its external position was sustained or if revenue reforms resulted in a durable increase in government receipts.

Taiwo Oyedele

The latest development is another positive assessment of Nigeria’s reform programme by international financial institutions and rating agencies.

PUNCH Online had earlier reported that S&P Global Ratings upgraded Nigeria’s sovereign credit rating to B from B- in May 2026, citing improvements in the country’s external position and economic reforms.

The Federal Government said the latest assessments demonstrated growing confidence in the direction of the Nigerian economy, while acknowledging that further work was required to strengthen public finances and reduce the cost of borrowing.
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NNPC, Chinese Firms Sign MoU Towards Restart, Expansion Of Warri, Port Harcourt Refineries

The NNPC Ltd has signed a Memorandum of Understanding (MoU) with two Chinese companies, Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership in support of the completion and operation of the Port Harcourt and Warri Refineries.

The MoU was signed by the Group CEO, NNPC Ltd, Engr. Bashir Bayo Ojulari; Chairman, Sanjiang Chemical Company, Guan Jianzhong and Chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.

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The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance. Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards.

The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs.

Speaking shortly after signing the dotted lines, the GCEO NNPC Ltd, Engr. Bashir Bayo Ojulari, described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners.

“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Ojulari noted.

NNPC

The GCEO further stated that the MoU is a significant step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.

The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.

Akwa Ibom: Ten Strategic Investments Of Governor Eno

Governor Umo Eno has invested in a lot of sectors that will energize the economy of Akwa Ibom State. The governor has invested in aviation, tourism, infrastructure, power, education, health care,agriculture, and real estate, and this investment will create jobs, increase internally generated revenue, and spur the state to become a private sector-driven economy.

In this article I will look at ten major investments and provide insights into the economic impact they will bring to the state.

The 18-storey real estate investment in Lagos represents a strategic move by Governor Umo Eno to diversify Akwa Ibom’s asset base beyond the state and oil dependence.

Situated in Nigeria’s commercial capital, the development can include mixed-use components , office space, serviced apartments, retail and possibly an executive suite positioning the state as an institutional landlord and visible investor in the national economy.

Economically, the Lagos tower can generate steady non-oil revenue through rents, capital appreciation and ancillary services (management fees, retail leases).

During construction it will create skilled and unskilled jobs for contractors, artisans and suppliers; once operational it will support property management, security, hospitality and retail employment.

.The completion of a five‑star international hotel with 200 rooms anchors the state’s ambition to capture higher-value tourism and business travel.

A full-service hotel of this scale will host international guests, delegations and business executives and provide conference support in-house, raising Akwa Ibom’s hospitality profile and complementing other MICE infrastructure.

From a revenue and jobs standpoint, a 200-room five-star hotel drives direct employment (front office, housekeeping, food & beverage, management), indirect jobs (supply chains for food, laundry, transport) and fiscal revenue (taxes, levies).

It supports tourism linkages, increases average spend per visitor, and raises the competitiveness of local tourism packages. Success depends on strong brand positioning, international management expertise, consistent service standards and integration with transport and attractions.

A 5,000-capacity international conference centre is a purposeful investment in MICE (Meetings, Incentives, Conferences, Exhibitions) tourism , an economic segment known for high visitor spend and frequent, year-round bookings. Such a centre can host regional , continental and international events, trade fairs and government summits, positioning the state as a hub for policy dialogue and commerce.

The conference centre’s economic impact will flow through hotels, airlines, ground transport, catering and event services, creating both permanent operational jobs and episodic event-based employment.

It can attract foreign exchange earnings, increase hotel occupancy, and stimulate hospitality entrepreneurship (event planners, tech providers).

Upgrading Ibom Air with four additional aircraft ,bring the fleet to 9, equipping the MRO and transforming Victor Attah International Airport into a full international airport are the best investments in air travel.

Expanded fleet capacity allows for new domestic and African routes, while international airport status enables direct flights, cargo services and easier access for tourists and investors.

The MRO which is the first in Nigeria and the only in West Africa, provide the region with maintenance hanger, that will end countries within the sub-Sahara desert from exporting millions of dollars to Europe for repairs of aircrafta.

DAKKADA

Improved air travel will raise business-to-business ties, tourism arrivals and cargo flows, facilitating trade and time-sensitive exports. Job creation spans pilots, cabin crew, engineers, ground-handling, airport operations and regulatory roles.

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Realizing these gains requires bilateral air services agreements, infrastructure upgrades (customs, immigration, security), airline safety standards and marketing to secure route rights and airline partnerships.

The Ibom International 350‑bed hospital with 50 specialty fields is an investment in high-quality healthcare infrastructure, designed to reduce outbound medical travel and create a regional medical hub.

With multiple specialties, the hospital can handle complex cases, host training programs, and attract medical tourists from neighboring states and countries.

Health-sector investments yield broad social and economic returns: improved population health, higher worker productivity, and savings from reduced medical travel. The hospital will directly employ doctors, nurses, technicians and administrators and indirectly support pharmaceutical, diagnostic and hospitality services. Long-term impact depends on sustainable financing, quality assurance, specialist retention strategies and links with medical schools for staffing pipelines.

The Ibom Deep Sea Port development is a transformational infrastructure project that can reposition Akwa Ibom as a maritime trade gateway in the Gulf of Guinea.

A deep-sea port enables large cargo vessels to call, reduces shipping costs for exporters and importers, and can attract industrial parks, logistics firms and value‑adding activities such as processing and warehousing.

Economically, a deep-sea port can accelerate industrialization, increase non-oil export capacity, and create thousands of jobs in construction, port operation, logistics and associated industries.

It will broaden the state’s revenue base through port fees, land leases and trade-related taxes. Environmental management, strong governance, hinterland connectivity (roads/rail) and competitive tariffs will be critical to realize its full potential and avoid negative social or ecological impacts.

Arise Palm Resort, featuring sporting facilities, a leisure park, tourist accommodation, gardens, Golf Course, and canoe water trips, aims to broaden Akwa Ibom’s leisure and domestic tourism offerings.

By combining sports, eco-tourism and family recreation, the resort can attract local weekend visitors, sports camps and niche international tourists seeking coastal and cultural experiences.

The resort will create jobs in hospitality, recreation management, park maintenance, and tour operations, and stimulate small businesses (food vendors, craft sellers, transport).

It supports youth engagement through sports programmes and can be leveraged for sports tourism events. Sustainability planning , protecting coastal and aquatic ecosystems, inclusive access for local communities and careful pricing to ensure broad benefits , will determine long-term success.

Establishing a 4‑star hotel in Abuja broadens the state’s national footprint and creates a commercial base in the federal capital. This allows Akwa Ibom to host official delegations, business promotion events and investors in Abuja while generating independent revenue from guests and conferences.

A capital-city hotel diversifies revenue streams, enhances the state’s brand among federal institutions and investors, and creates hospitality and corporate service jobs.

It can serve as a satellite for state-led business development desks and trade promotion, linking Abuja-based clients back to opportunities in Akwa Ibom. Financial viability will depend on location, competitive service levels, and strong sales and marketing.

Commencing generation and distribution of power to consumers addresses one of Nigeria’s most binding constraints to economic growth: unreliable electricity. State-led power initiatives, whether through gas, renewables or hybrid systems, can lower costs for businesses, reduce downtime for manufacturers and create a more attractive environment for investors and SMEs.

Reliable power unlocks productivity gains across manufacturing, hospitality, healthcare and ICT, enabling higher-value activities and new enterprises. Jobs will be generated in generation, transmission, distribution, meter services and maintenance, while households benefit from improved living standards.

Building an aviation village and the Ewet Luxury Estate to attract tourists represents an integrated tourism-real estate strategy: the aviation village can provide an experiential, visitor-focused precinct near the airport while the luxury estate offers high-end accommodation and residential options for tourists and affluent residents. Combined, they can create an upscale corridor that leverages improved air links and other attractions.

Together these developments can raise property values, create construction and service jobs, and support ancillary businesses (gardening, security, concierge).

They can also attract diaspora investment and longer-stay visitors, increasing per-visitor revenue. However, planners must mitigate risks of exclusionary development by ensuring affordable linkages for local communities, delivering public goods (roads, waste, water) and establishing governance arrangements that prioritize local employment, skills transfer and long-term maintenance for sustainable inclusive growth.