{"id":102932,"date":"2023-02-05T17:49:55","date_gmt":"2023-02-05T16:49:55","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=102932"},"modified":"2023-02-05T17:49:55","modified_gmt":"2023-02-05T16:49:55","slug":"downgrade-of-nigerias-credit-rating-confirms-bleak-economy-peter-obi","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/downgrade-of-nigerias-credit-rating-confirms-bleak-economy-peter-obi\/","title":{"rendered":"Downgrade of Nigeria\u2019s credit rating confirms bleak economy \u2013 Peter Obi"},"content":{"rendered":"<div dir=\"auto\">Peter Obi, the Presidential Candidate of the Labour Party, LP, has described as worrisome the lowering of Nigeria\u2019s credit rating by Moody\u2019s Investors Service from B3 to junk bonds.<\/div>\n<div dir=\"auto\">\n<div dir=\"auto\">\nA statement by the former Anambra governor on Wednesday said the downgrade sends signals to the global community of the country\u2019s current bleak economy.<\/p>\n<p>Obi said though the situation was a verdict on governments\u2019 inability to fix the economy, the issue \u201cdoes not call for blame games but a determined effort to provide solutions\u201d.<\/p>\n<p>The flagbearer opined that Moody\u2019s dismal outlook for the most populous black nation is a wake-up call on the need for fundamental change and a new approach to formulating and executing blueprints.<\/p>\n<p>Obi stressed that persistent fiscal rascality, institutional vulnerabilities, and social problems are issues everyone must address frontally and with seriousness.<\/p>\n<p>\u201cI don\u2019t believe this is a time for blame games. Governments have done what they could but didn\u2019t solve the problem.<\/p>\n<p>\u201cIt\u2019s now time to bring in the right team with the competence, capacity, character, and compassion to reverse the trend and solve the problems with the urgency and determination it deserves,\u201d he noted.<\/p>\n<p>The LP candidate assured that his administration would prioritise policies that are tailored towards addressing institutional vulnerabilities and social challenges.<\/p>\n<p>Obi also promised to lead efforts to create a more stable, predictable business environment, and reduce the country\u2019s reliance on oil production.<\/p>\n<p>He revealed the plan to focus on creating jobs, boosting economic growth, eradicating poverty while ensuring Nigeria\u2019s finances are sustainable.<\/p>\n<p>The frontrunner added that the \u201cvicious cycle of high government borrowing needs, rising interest rates, institutionalized corruption, and limited funding options\u201d will be broken.<\/p>\n<p>It is the second time in three months that Moody downgraded Nigeria\u2019s foreign credit rating, an action that makes it harder for the country to get funds from international markets.<\/p>\n<p>Last October, the agency downgraded the ratings of the country\u2019s economy to B3 from B2. In November, another credit agency, Fitch Ratings, lowered the county\u2019s long-term foreign-currency issuer default rating to B- from B.<\/p>\n<div class=\"yj6qo\"><\/div>\n<div class=\"adL\"><\/div>\n<\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Peter Obi, the Presidential Candidate of the Labour Party, LP, has described as worrisome the lowering of Nigeria\u2019s credit rating by Moody\u2019s Investors Service from B3 to junk bonds. A&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":102877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-102932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Downgrade of Nigeria\u2019s credit rating confirms bleak economy \u2013 Peter Obi - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/downgrade-of-nigerias-credit-rating-confirms-bleak-economy-peter-obi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downgrade of Nigeria\u2019s credit rating confirms bleak economy \u2013 Peter Obi - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Peter Obi, the Presidential Candidate of the Labour Party, LP, has described as worrisome the lowering of Nigeria\u2019s credit rating by Moody\u2019s Investors Service from B3 to junk bonds. 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