Latest news with #Oniha
3yon News
16-06-2025
- Business
- 3yon News
ترامب من قمة السبع: إيران لن تنتصر ويجب أن تتفاوض قبل فوات الأوان
DMO Patience Oniha Dr Patience Oniha, Director-General, Debt Management Office, DMO, says Nigeria is on a steady path of economic recovery, driven by fiscal reforms, improved credit ratings, and targeted investments in infrastructure and environmental sustainability. Mrs Oniha said this at an investors meeting for the Series III Sovereign Green Bond issuance on Monday in Lagos. She said that Nigeria had recorded notable improvements in its macroeconomic fundamentals, including stabilising inflation, gradual Gross Domestic Product, GDP, growth, and a rebound in crude oil production. According to her, global credit rating agencies, including Moody's and Fitch, had upgraded Nigeria's outlook, reflecting growing investor confidence in the country's economic trajectory. 'We have seen improvements in our ratings. There is clearly a difference from where we were before. 'This suggests that the reforms are working, even if the results are gradual,' she said. On inflation, Mrs Oniha said that while it initially spiked to 30 per cent, it has since stabilised between 23 per cent and 24 per cent. 'That stabilisation is an indication that the economy is responding to monetary and fiscal policies,' she said. She stressed the importance of GDP growth and infrastructure investments. 'We have seen post-COVID growth, though we acknowledge it should be higher. 'That is why there is a strong focus on infrastructure through the three-year National Development Plan. 'It is private sector-led, and once infrastructure improves, growth will accelerate,' she said. She highlighted the recovery in oil production, noting that Nigeria had increased output from below one million barrels per day to between 1.5 and 1.6 million barrels. She said that reforms in the oil sector, which include the unbundling of the NNPC into a limited liability company, were yielding results. Turning attention to Nigeria's growing commitment to climate financing, Mrs Oniha announced plans to issue a N50 billion Sovereign Green Bond. According to her, the bond, which follows earlier issuances in 2017 and 2019 totaling about N25.69 billion, is part of the country's broader strategy to tackle climate change and support environmental sustainability. NAN
Business Insider
25-04-2025
- Business
- Business Insider
Nigeria targets JPMorgan bond index return after FX transparency issues
Nigeria has begun formal discussions with JPMorgan to re-enter the Government Bond Index for Emerging Markets, nearly a decade after being removed due to concerns over foreign exchange (FX) transparency and market liquidity. Nigeria is in formal discussions with JPMorgan to re-enter the Government Bond Index for Emerging Markets. Recent FX reforms have made Nigeria eligible to re-enter JPMorgan's bond index. Nigeria's poor performance in the index was primarily due to concerns over foreign exchange transparency and market liquidity. Nigeria's Debt Management Office chief, Patience Oniha noted that recent FX reforms have made the country eligible to re-enter JPMorgan's bond index, and active engagement with the firm has resumed. Oniha made the announcement during the Nigerian Investor Forum at the International Monetary Fund and World Bank Spring Meetings in Washington DC She said, "With the reforms implemented, the foreign exchange market has improved, and we're eligible again." The country's push for re-entry signals efforts to address past challenges and improve the accessibility and stability of its financial markets, with the aim of attracting renewed interest from global investors. Joining JPMorgan's Government Bond Index for Emerging Markets offers African nations several benefits, including increased foreign investment, improved liquidity, enhanced credibility, lower borrowing costs, and strengthened economic reforms. These factors can significantly boost financial stability and long-term growth.. Nigeria's poor outing in the JPMorgan index Nigeria's poor performance in the JPMorgan Government Bond Index for Emerging Markets has been primarily attributed to concerns over foreign exchange (FX) transparency and market liquidity. The country was removed from the index nearly a decade ago due to challenges in its FX market, which was marked by volatility and a lack of transparency. The index only includes countries that are accessible to foreign investors without significant obstacles. Nigeria was initially added to the index in 2012, following South Africa, but was delisted in 2015 due to allegations of insufficient liquidity and opaque FX pricing. JPMorgan had warned that " currency controls were making transactions too complicated," and placed Nigeria on negative index watch before its official removal on September 8, 2015. The bank had also cautioned that, to remain in the index, Nigeria needed to restore liquidity to its currency market in a way that allowed foreign investors to transact with minimal hurdles. These issues undermined investor confidence, making it difficult for international investors to assess the risk and value of Nigeria's bonds. Since then, Nigeria has introduced significant reforms, including the unification of multiple exchange rate windows by the Central Bank of Nigeria (CBN) and a reduction in direct interventions in the FX market.
