Fitch had in its latest report on the country affirmed Nigeria’s long-term foreign and local currency, Issuer Default Ratings, IDR, and senior unsecured bond ratings at ‘BB-’ and ‘BB’ respectively, with a stable outlook.
The agency also affirmed Nigeria’s short-term foreign currency IDR at ‘B’ and country ceiling at ‘BB-’ but expressed concern that strong vested interests ahead of the 2015 general elections could mar the structural reforms in the country.
In response to the rating on Thursday, Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe had said “the latest rating of the Nigerian economy by Global Rating Agency, Fitch, which acknowledged the landmark reforms being undertaken by President Goodluck Jonathan’s administration in the electricity and agricultural sectors, as well as growing investors’ confidence in the Nigerian economy, is an attestation to the success story of the President’s socio-economic blue print contained in the transformation agenda”.
But the APC, through its Interim National Publicity Secretary, Alhaji Lai Mohammed countered the Presidency’s position saying, “If you read that report very well it does not contradict the position of the opposition. The issue is that as long as the rating does not translate to more jobs, better infrastructure, better security, food on the table of Nigerians, it is meaningless. It is like an operation being successful and the patient dies.
“It also talks of weak governance which means lack of institutions. The position of the opposition is very clear; it is that you don’t go home and say I have just gotten promotion at work and yet you can’t pay rent, you can’t say that your brothers are so proud of you.
“For the economy to grow and to be meaningful to the average person you need to create more jobs, create wealth, create employment opportunities, provide infrastructure and as long as it does not do that, it would simply remain meaningless.
“They now ask, what of the retail market, what did they make? Finally, how many jobs were created or lost. Nigerians are not that daft that they need Fitch to know that their economy is improving.
Mohammed, who spoke while on the road said: “I am on Mobolaji Bank Anthony Way in Ikeja, I can see school certificate holders who are selling paw-paw, I can see people hawking rat killers. Let them tell us how many people the economy absorbed. How many people got gainful employment?”
Citing the example of the Subsidy Reinvestment Programme, SURE-P, Mohammed said, “You don’t create jobs through SURE-P; you are not creating jobs, you are just creating an army of beggars, an army of dependents who will come up the next month to take their ten thousand”
He stressed that “No economy has ever grown that way”.