In the last twenty-four hours, Fitch Ratings upgraded Nigeria’s economy to a Stable B and cited the continued success of President Tinubu’s reforms as the rationale for that improvement. This comes forty-eight hours after Peter Obi said Nigeria’s economy ‘has collapsed’.
There could not be a better response to Agbotikuyo Bitter Obi than Fitch Ratings, the world’s premier ratings agency.
The last time Fitch adjusted our economic rating was on Friday, November 11, 2022, under General Buhari, when we were downgraded from a B to a B-.
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If you read the actual bulletin of the upgrade, Fitch listed the indication rate, which reduced seismically from 34.80% to 24.48% in February 2025.
They also hinted at our new and improved net foreign reserve position, which increased from an all-time low of $3.99 billion under General Buhari in 2023 to $23.11 billion.
And the fact that the Central Bank of Nigeria declared a record-breaking surplus of $6.83 billion for the fiscal year 2024. This is the same bank that reported a ₦488 billion ($1.7 billion) deficit in the first quarter of 2020.
Additionally, Fitch traversed Nigeria’s 3.84% GDP growth in 2024, which is one of the world’s best.
Also taken into effect was the phenomenal increase in foreign exchange inflow, which went from $3.68 billion in the last quarter under Buhari to $27.81 billion in Q4 2024.
So, my question to Peter Obi is this: Can Agbotikuyo cite the data he has that led him to conclude that Nigeria’s economy has collapsed?
Reno Omokri
Gospeller. Deep Thinker. #TableShaker. Ruffler of the Feathers of Obidents. #1 Bestselling author of Facts Versus Fiction: The True Story of the Jonathan Years. Hodophile. Hollywood Magazine Humanitarian of the Year, 2019. Business Insider Influencer of the Year 2022. 21st Most Talked About Person in Africa, 2024.
