By John Moses
Nigeria is making measurable progress toward economic recovery, buoyed by ongoing fiscal reforms, improved global credit ratings, and an intensified focus on infrastructure and environmental sustainability, according to the country’s Debt Management Office (DMO).
Speaking on Monday at an investors’ briefing in Lagos ahead of the Series III Sovereign Green Bond issuance, Dr Patience Oniha, Director-General of the DMO, said the country had witnessed key macroeconomic improvements, including stabilising inflation, modest GDP growth, and a resurgence in crude oil output.
She noted that global credit rating agencies such as Moody’s and Fitch had recently revised Nigeria’s outlook upwards—an indication of renewed investor confidence.
“We are seeing an upward shift in ratings compared to previous years. It clearly suggests that the reforms are taking effect, even if gradually,” Oniha said.
Inflation, which surged to 30% earlier, has now stabilised between 23% and 24%, a trend the DMO chief attributed to a mix of monetary and fiscal policy interventions.
On GDP growth, Oniha acknowledged the pace remains modest but highlighted post-pandemic recovery and strong public-private infrastructure projects under the country’s three-year National Development Plan as positive indicators.
She added that crude oil production had increased from under one million barrels per day to an average of 1.5 to 1.6 million barrels daily—crediting recent restructuring efforts in the petroleum sector, including the transformation of the Nigerian National Petroleum Corporation (NNPC) into a limited liability entity.
In a further commitment to climate-friendly financing, Oniha revealed plans for a ₦50 billion Sovereign Green Bond, building on previous issuances from 2017 and 2019 totalling ₦25.69 billion. The initiative, she said, is aligned with Nigeria’s climate strategy and drive for sustainable development.
