Fitch, a global rating agency, has reviewed Nigeria’s outlook to positive from stable.

A credit rating is a measure of how likely a company or government entity can pay back its debts, based on an independent assessment of its financial health.

Fitch, in a statement on May 3, said the positive outlook partly reflects reforms implemented over the past year to support the restoration of macroeconomic stability and enhance policy coherence and credibility.

“Exchange rate and monetary policy frameworks have been adjusted, fuel subsidies reduced, coordination between the ministry of finance and the Central Bank of Nigeria (CBN) improved, central bank financing of the government scaled back and administrative efficiency measures are being taken to raise the currently low government revenue, as well as oil production,” Fitch said.

Fitch said the reforms have lessened distortions stemming from previous “unconventional monetary and exchange rate policies,” leading to the return of sizeable inflows to the official foreign exchange (FX) market.

“Nevertheless, we see significant short-term challenges, notably, inflation is high and the FX market has yet to stabilise, and the durability of the commitment to reform is to be tested,” the credit agency said.

“The CBN has stepped up efforts to reform the monetary and exchange rate framework following last year’s unification of the multiple exchange rate windows, and the large differential between the official and parallel market rates has collapsed.

“Average daily FX turnover at the official FX window has risen sharply from 2H23, and there has been clearance of USD4.5 billion of the backlog of unpaid FX forwards (the validity of the outstanding USD2.2 billion is being assessed by CBN), and weekly sales of FC to bureaux de changes (BDCs) have resumed (having been suspended since 2021).”

‘RETURN OF SIZEABLE NON-RESIDENT INFLOWS’

Fitch said increased formalisation of FX activity and monetary policy tightening has contributed to a notable rise in foreign portfolio investment inflows and a fast appreciation of the naira at the official FX window.

According to the company, this followed the 71 percent “post-liberalisation depreciation between June 2023 and mid-March 2024”.

However, the credit rating agency said the exchange rate remains volatile.

Fitch said the continued lack of clarity on the size of net FX reserves is a constraint on Nigeria’s sovereign’s credit profile.

‘FURTHER MONETARY POLICY TIGHTENING ANTICIPATED’

In March, the Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR), which benchmarks interest rates, from 22.75 percent to 24.75 percent.

Fitch said it expects further increases in the CBN monetary policy rate in the second half of 2024 and “strengthening of monetary policy transmission, after the recent resumption of open market operations at rates closely aligned to the MPR”.

“We project inflation, which rose to 33.2% yoy in March due partly to exchange rate pass-through and rising food prices, to average 26.3% in 2024 and 18.2% in 2025, still well above our projected ‘B’ median of 4.5%,” Fitch said.

In December 2023, Moody’s, a US-based rating agency, also revised its outlook for Nigeria from stable to positive.

A Nigerian man, identified as Israel Joe, has narrated how his friend, Roseline, died after she was pushed into a boiling pot of fresh pepper and tomatoes by her two female friends in Sapele, Delta State.

Joe stated that Roseline, a caterer, went on a trip with her friends to Sapele for a catering job where she tragically passed away on Saturday, April 13.

In a Facebook post on Friday, Joe said that before her untimely death, Roseline confided in him about two of her friends who were treating her coldly.

He urged the Nigeria Police to investigate and arrest the killers of Roseline, pointing out that no progress has been made in the case since her murder.

Joe’s post read, “She was pushed into a big boiling pot of fresh pepper and tomatoes by her friend on Saturday, 13th April. She battled for about two weeks with her roasted/boiled body and finally ḍíęɗ last week Friday 26th April.

“Nobody in the neighborhood in Otokutu knew Roseline had been allegedly kíIIed by these same friends. She was buried with no one to bid her goodbye and with no single bųríaI poster to honour her. Just two days in the morgue, the mørtųarƴ attendants demanded she be carried away to be buried.

“She traveled with them for a catering job in Sapele where they were speaking their local language with this Yoruba girl, Rozzy, not understanding their conversation.

“All of a sudden, she landed in a very big pot of boiling fresh pepper and tomatoes where they even still delayed in rescuing her. She was later rushed to Sage Hospital by Estate in Warri, where they managed the situation, but my friend couldn’t make it.”

Joe said he was pained that those responsible for her death were still walking free.

He added, “What pains me is that these two girls are still walking and gallivanting everywhere like nothing happened. I hate intimidation and oppression, especially against non-indigenous persons. The police must smoke them out so they can face the law. Na God dey help who nor get helper.

“We shall fight for Rozzy. You can not just be kíIIęɗ like a chicken and bųřried like an aŋímąl. Nobody deserves such a hørribIe dęąth. We never got to meet Rose, only chatting on Facebook due to endless busy schedules only to see you, at the most disgusting sight at Sage Hospital, hoping for your recovery, but dęąțĥ stole you Justice shall prevail, including if you would be exhumed.”

The Lagos State Government says it will arrest and prosecute the ring leaders who rented out illegal apartments to Dolphin Bridge, Ikoyi tenants.

This is according to the Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, who disclosed this on Friday at the ongoing 2024 Ministerial Press briefing at Alausa Ikeja, to commemorate the first year administration of Governor Babajide Sanwo-Olu and his deputy Kadri Hamzat second term in office.

“In a renewed step to ensure the safety of lives of residents, the operatives of Kick Against Indiscipline, KAI/LAGESC, in line with the provisions of the Lagos State Environmental Protection Management law renewed the enforcement of the use of pedestrian bridges,” the commission said, adding that 1,032 persons were arrested for crossing the highway and failure to use pedestrian bridges.

“165 miscreants and squatters on the pedestrian bridges across the state were also dislodged and the bridges cleaned up. Just about 24 hours ago, the operatives carried out an operation that unearthed a major illegal housing settlement constructed under the Dolphin Bridge Ikoyi.

“An unbelievable 80 rooms partitioned 10×10 and 10×12 and a container used for different illegal activities was also discovered.

“All the structures have been dismantled and a total of 36 miscreants who lived under the bridge were arrested, while efforts are being intensified to arrest the ring leaders who rented out the illegal apartments which also add electricity supply.”

Styrofoam Ban

On the styrofoam ban, Wahab says, “Following my announcement of a ban of use, sale, and distribution of Styrofoam food containers on January 22, 2024, due to grave health concerns and the dangers to our ecosystem and drainage channels, the Ministry through the Sanitation Services Department facilitated meetings with stakeholders concerned and followed up the three weeks’ moratorium to mop-up Styrofoam products from distributors and Lagos markets.

“After the expiration, enforcement activities were commenced by a joint effort of Scientific Officers in the Ministry, Environmental Health Officers as well as KAI personnel in the state.

“A total of over 900 kg of Styrofoam food containers have so far been confiscated and deposited at the TLS Marini in Oshodi for destruction.

“More efforts are however being intensified on public awareness and sensitization of residents on the dangers inherent in the continued usage of the Styrofoam food containers. One of our agencies, LAWMA, during the period under review, identified 103 illegal blackspots across the metropolis and made efforts to ensure their dislodging just as a total number of 1,081 environmental offenders were arrested for various environmental offences with 1016 being prosecuted by the Mobile Magistrate’s court and sentenced to community service at various locations in the state, with an option of fine.

“Monitoring gangs were also deployed across 20 Local Governments to capture evidence of illegal dumping activities and possible prosecution.”

Also commenting on tenants under bridges, the Special Adviser on Environment and Water Resources, to Governor Babajide Sanwo-Olu, Kunle Rotimi-Akodu, further confirmed the eviction of illegal settlers from beneath the bridge towards Dolphin Estate in Ikoyi.

Rotimi-Akodu said in total, 23 individuals were arrested during the eviction. He said the exercise was part of an ongoing clampdown on illegal structures across the metropolis and aimed to rid Lagos of illegal structures.