Fitch Affirms Nigeria ‘B+’ Rating, Negative Outlook Forecasts reduction in inflation to 11% by 2019 Manufacturing index expands for fifth month Obinna Chima Fitch Ratings yesterday affirmed Nigeria’s long-term foreign currency Issuer Default Rating (IDR) at ‘B+’ with a “negative outlook”. The international rating
agency in a statement explained that Nigeria’s rating was supported by its large and diversified economy, significant oil reserves, its net external creditor position, low external debt service ratio
and large domestic debt market. These, it stated, were balanced against relatively low per capita gross domestic product (GDP), an exceptionally narrow fiscal revenue base and a
weak business environment. According to Fitch, the negative outlook reflected the downside risks from rising government indebtedness, the possibility of a reversal of recent improvements in foreign
currency (FX) liquidity, and a faltering of the still fragile economic recovery. Fitch had forecast that the Nigerian economy would grow by 1.5 per cent in 2017 and 2.6 per cent in 2018, following the country’s
first contraction in 25 years in 2016. GDP growth continued to contract in 1Q17, but by less than in the previous four quarters. Continued on page 10
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Ethiopian Airlines Says It’s Bidding for Arik Air AMCON: We’re yet to receive offer Chinedu Eze with agency report Africa’s leading airline, Ethiopian Airlines has said that it has submitted a formal offer to take charge of troubled local carrier Arik Air, which accounts for more than half of Nigeria’s air passenger traffic, the CNN
has reported. “We have outlined our terms and conditions to the Nigerian government and we are waiting to see if they agree,” Esayas WoldeMariam, the airline’s managing director of international services, told CNN. Continued on page 12
In Sallah Message, Buhari Asks Nigerians to Set Aside Their Differences, Unite Omololu Ogunmade in Abuja President Muhammadu Buhari yesterday in Daura, his country home, called on Nigerians to set aside their differences and strengthen the bonds of friendship and unity to keep the country together. Buhari, who made this appeal in his Sallah message to Nigerians, which he personally signed, also thanked the country’s citizens whom he said prayed for his recovery, irrespective of their religious, ethnic and political leanings.
The president said the prayers had reinvigorated him to further rededicate himself and his administration to the task of building a great Nigeria. He further admonished Nigerians to lay aside their differences and sustain the unity of Nigeria by viewing one another as brothers and sisters from the same origin, citing the African proverb that a family tie can only bend but can’t be broken. Continued on page 12
BORIS PILES ON THE CHARM IN ABUJA… L-R: UK Secretary of State for Foreign and Commonwealth Affairs, Rt. Hon. Boris Johnson; Vice-President Yemi Osinbajo; UK Secretary of State for International Development, Rt. Hon. Priti Patel; Minister of Budget and National Planning, Senator Udoma Udo Udoma; and Minister of Foreign Affairs, Mr. Geoffrey Onyema, when Johnson and Patel met with the vice-president at the Presidential Villa, Abuja… yesterday godwin omoigui