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Nigeria’s Economy Gets Fitch’s ‘BB’ Rating

Fitch Ratings has affirmed Nigeria’s long-term foreign and local currency IDRs and senior unsecured bond ratings at ‘BB-’ and ‘BB’ .
The outlook is stable, according to the agency, which also affirmed Nigeria’s short-term foreign currency IDR at ‘B’ and Country Ceiling at ‘BB-’.
The affirmation reflects the following key rating drivers: Gross Domestic Product (GDP) growth slowed to 6.4per cent in last quarter 2013, but has shown resilience in the face of exogenous shocks: severe floods in 2012, which hit agricultural output; security problems, especially in the North earlier this year; and increased oil theft and vandalism and the consequent repair shutdowns which have caused oil output to contract for the second year in a row.
The non-oil economy has slowed but still grew by 7.9per cent in 2012 and 7.6per cent in H113. Non-oil growth should pick-up in H213 as normal weather has resumed and the authorities have responded to security problems.
Reforms to the electricity and agriculture sectors could start to boost potential growth. Inflation has been in single digits all year – the lowest in five years and the longest stretch of single digit inflation since 2008. Policy rates are also unchanged.
The Central Bank of Nigeria (CBN) has the twin aims of achieving single-digit inflation and maintaining exchange rate stability.
Public finances remain comfortable. Fitch estimates a general government deficit of around 1.8per cent of GDP this year and next. Both oil and non-oil revenues are under-budget and the Excess Crude Account (ECA) has been tapped to compensate. Capital spending also remains under budget. The draft 2014 budget plans ambitious fiscal consolidation, with lower oil production and benchmark oil prices and lower spending than the 2013 budget.
However, Fitch expects that oil production will likely fall short again, and the final budget that emerges from the National Assembly (NA) is likely to be more expansionary. Nevertheless, Fitch expects general government debt to remain stable at just over 20per cent of GDP.
Nigeria’s sovereign and overall external balance sheets, current account surplus, debt service ratio and external liquidity are all stronger than ‘BB’ category medians.
Foreign reserves rose steadily in early 2013 but have been falling since May due to reduced oil output, prompting ECA drawdown, and global market turbulence, which has reduced foreign appetite for NGN paper (though net inflows have continued).
The CBN intervened to support the naira when it came under pressure mid-year after Fed-tapering turbulence, although reserves have held up much better than many large emerging markets.
Nigeria effectively re-opened the Eurobond market in July, raising $1billion in its second issuance. Reform progress remains mixed. Electricity privatisation has passed a key milestone with generators and distributors now in private hands. Output seems to be on a rising trend, although it has been affected by gas pipeline damage and an impact on GDP growth is hard to discern. Agricultural reforms are also gaining traction.
The most obvious benefit to the economy has been a fall in imports last year, due to reduced oil subsidy payments, a crackdown on fraud in the oil subsidy system and substitution in the agricultural sector.
However, the Petroleum Industry Bill (PIB) remains stalled in the National Assembly. Strong vested interests will make structural reform a continual struggle, especially with elections in 2015.
Nigeria’s ratings remain constrained by weak governance, low per capita income and vulnerability to oil price volatility. The government is responding to the Boko Haram insurgency mainly with security measures. Data weaknesses hamper the monitoring of economic and fiscal performance and reform progress.
The Stable Outlook reflects the fact that in Fitch’s view, upside and downside risks are well balanced. The main factors that individually or collectively might lead to rating action are as follows: Positive: – Continuing structural reforms that brought faster, more diverse and inclusive growth and higher employment and per capita incomes. – A longer track record of low single-digit inflation. – Improved external buffers, either in the ECA or the new Sovereign Wealth Fund (NSIA). – Improved governance as reflected in World Bank and anti-corruption indicators. Negative: – A sustained period of lower oil prices or oil production and an inappropriate policy response, leading to serious reserve loss and deterioration in the fiscal position. – Reversal of key structural reforms. A serious deterioration in domestic security, whether stemming from terrorism or election-related violence.
News
LG Nigeria Begins Nationwide Search for Oldest Working TV, Rewards Loyalty with AI QNED Upgrade

LG Electronics has announced the launch of a nationwide campaign aimed at celebrating decades of customer loyalty and technological heritage by searching for the oldest still-functioning LG television sets across the country.

The initiative, themed “The Oldest LG TV”, seeks to honour long-time customers whose LG screens have stood the test of time, while introducing them to the future of home entertainment through LG’s advanced AI QNED TVs.
For generations, LG televisions have been more than an electronic device in Nigerian homes, they have been silent witnesses to family milestones, cultural moments and shared memories.
This campaign bridges nostalgia with innovation, acknowledging the emotional connection Nigerians have built with the brand while showcasing LG’s leadership in AI-powered display technology.
The campaign features a storytelling -driven narrative that highlights community, heritage and the evolution of viewing experiences. Participants are invited to share the stories behind their long-serving LG TVs, transforming everyday screens into symbols of trust, resilience and innovation.

In creative twist, the campaign also introduces LG’s AI-enabled televisions as responsive companions that understand viewer preferences, recommend content and enhance picture quality in real time. This shift from nostalgia to futuristic interactivity underscores LG’s continued commitment to delivering smarter, more personalized entertainment solutions.
To participate, simply visit https://lgsearchcampaign.vercel.app/ upload a photo or video of your old LG TV and share the story behind it – how long you’ve had it and the memories it holds.
The winner walks away with a brand-new LG AI QNED TV, effectively trading legacy for luxury.
At its core, this campaign reminds us that technology is not only about pixels and processors, but about people. It’s about the laughter in the living rooms, the silence during tense match moments and the comfort of family routines.
By celebrating the oldest TVs still standing strong, LG is celebrating the people who kept the on, families who trusted the brand through changing times and evolving technologies. In doing so, LG isn’t just upgrading television, it’s upgrading memories into the future.
According to Mr. Choongbae Seok, General Manager, Media Entertainment Solutions, LG Electronics Nigeria, “The journey from our classic CRT Televisions to today’s AI QNED technology reflects how far both our customers and our innovation have come. Those early sets were built to last, and many are still functioning today, a testament to durability and consumer trust. This initiative allows us to honour that legacy while introducing a new era of intelligent viewing, where the screen does more than show content; it adapts, learns and enhances every moment”.
LG Display 2026 TV Models at InnoFest
LG Electronics (LG), a leader in AI-powered solutions for the home, outlined plans to accelerate growth in emerging markets at LG InnoFest 2026 MEA. The event, held in Abu Dhabi, provided a forum to share LG’s strategic direction and market outlook with regional partners. At the exhibition, LG displayed its premium 2026 AI TV lineup focusing heavily on advanced processing power, smarter picture and sound technologies. The flagship OLED evo G6 and 100-inch Micro RGB evo TVs are powered by the new Alpha 11 AI processor Gen 3 enabling faster and more intelligent performance. The OLED evo W6 Wallpaper TV, an ultra-slim television designed to sit flush against the wall like artwork uses true wireless connectivity, reducing cable clutter and creating a cleaner, minimal setup.
News
African Leaders Highlight Africa’s AI Ambitions

African leaders used the AU Summit in Addis Ababa over the weekend to sharpen the continent’s technology agenda, with Ethiopia positioning artificial intelligence (AI), digital infrastructure and connectivity as pillars of Africa’s economic future.

Opening the 39th African Union Summit, Ethiopian prime minister Abiy Ahmed outlined an ambitious vision to place Africa at the forefront of the global AI race, anchored by Ethiopia’s plan to launch what he described as Africa’s first AI-focused university.
“In 2020, Ethiopia established Africa’s first Artificial Intelligence Institute. Building on this foundation, we are preparing to launch an AI university anchored in the philosophy of Medemer, purposeful collaboration, to unite human values with machine intelligence and position Africa as a global leader in the age of intelligence,” Abiy told delegates. “
He framed AI not as a standalone sector, but as a cross-cutting enabler for governance, industry and social development. “Every river we manage, every city we design, and every digital platform we deploy must generate resilience, opportunity and dignity,” Abiy said. He further linked digital transformation to Agenda 2063’s long-term prosperity goals.
Beyond AI, the high-powered AU summit discussions highlighted digital identity, cross-border connectivity and telecom expansion as critical building blocks for an integrated African market. Ethiopia’s Digital Ethiopia 2030 roadmap, including its Faida digital ID ecosystem, was cited as a model for secure, interconnected public services.
Abiy pointed to aviation and telecom infrastructure as key accelerators for economic development across the continent. “Through Ethiopian Airlines, we connect people and markets. Ethio Telecom is expanding partnerships across Africa to bridge the digital divide,” he said.
The Ethiopian leader added that large-scale infrastructure projects are designed to anchor Africa deeper into global value chains.
The broader summit tech agenda also touched on regulatory harmonisation, digital trade and data governance, with leaders emphasizing that continental cooperation is essential to avoid fragmented digital markets.
UN Secretary-General António Guterres underscored the need for inclusive innovation, telling delegates that Africa’s digital rise must be “people-centered and opportunity-driven,” while African Union Commission Chair Mahmoud Ali Youssouf stressed coordinated policy frameworks to accelerate adoption.
“AI capability, digital infrastructure and unified regulation are no longer optional ambitions, but strategic imperatives shaping the continent’s competitiveness in the intelligence era,” he said.
News
NITDA Explores Partnership with Trust Stamp on Digital Trust and Innovation

By Naeemah Junaid
The National Information Technology Development Agency (NITDA) has held strategic discussions with representatives of Trust Stamp, a NASDAQ-listed global technology company, to explore potential areas of partnership aimed at strengthening Nigeria’s digital trust framework and advancing innovation within the digital economy.

The meeting, chaired by NITDA Director General, Kashifu Inuwa Abdullahi, focused on identifying collaborative opportunities aligned with Nigeria’s digital transformation agenda and the Agency’s strategic priorities for building a secure, inclusive, and innovation-driven digital ecosystem.
Inuwa emphasised that trust remains a critical foundation for the growth of the digital economy, noting that secure systems and strong cybersecurity frameworks are essential for driving innovation, economic growth, and national development. He stated that building trust in digital platforms and services is key to accelerating adoption and unlocking opportunities across sectors.
He reiterated NITDA’s mandate as a regulator to create an enabling environment through forward-looking policies and regulatory frameworks that support innovation rather than promote specific technologies. According to him, government interventions are designed to stimulate markets, create opportunities, and empower both businesses and citizens to participate fully in the digital economy.
The Director General further reaffirmed Nigeria’s openness to investments that strengthen digital infrastructure and enhance digital services, stressing that sustainable national development is best driven by private sector participation under supportive regulatory and policy frameworks. He called for continued engagement to ensure alignment with national priorities and effective integration into Nigeria’s digital ecosystem.
In his remarks, Trust Stamp Vice President, Jonathan Pasha, highlighted the company’s global experience in secure verification and trust technologies, describing its approach as partnership-oriented and focused on delivering long-term value within local ecosystems. He noted that the company prioritises collaboration with governments and private sector stakeholders to address local challenges and expand access to secure digital services.
Pasha referenced Trust Stamp’s ongoing operations in Nigeria, including its collaboration with a telecommunications provider to enhance SIM swap prevention and fraud detection capabilities. He also outlined the firm’s biometric tokenisation technology, which converts biometric data into secure, privacy-preserving representations, enabling verification processes without exposing sensitive information.
He explained that the technology supports secure verification, fraud prevention, financial inclusion initiatives, and the tokenisation of real-world assets, while being designed to function effectively in low-connectivity environments and on low-specification devices to expand access to digital services.
Both parties expressed interest in advancing technical-level discussions to identify specific areas of collaboration aligned with national priorities and Nigeria’s digital transformation objectives.
NITDA reaffirmed its commitment to fostering a secure and trusted digital economy through strategic partnerships, robust regulatory frameworks, and initiatives that promote innovation, inclusion, and sustainable growth.
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