Adeosun, Oniha Disagree On Need To Be On JP Morgan Index

Finance Minister, Kemi Adeosun has said it was more concerned with improving its domestic economy by effective implementation of its various reforms agenda, rather than pursuing JP Morgan return of the country to its index list.
Finance Minister Kemi Adeosun said “the government is focusing on improving its economy,” which will effectively attract the attention of the international community “and indexes will “naturally” return to Nigeria when they see adjustments in line with their requirements.”
“JP Morgan have their own framework of how they evaluate an economy, and when they are ready, when conditions are good, they will list Nigeria again,” Adeosun said over the weekend.
But the director-general of Debt Mangement Office (DMO) Patience Oniha had said Nigeria is making move to get back into the JP Morgan Government Bond Index (GBI-EM), as the domestic foreign exchange market, continues to enjoy improved liquidity and stability.
“The reason JP Morgan took us out of the index was liquidity in the foreign exchange market. Now there’s an investor window where activities have picked up, that’s a good reason to try to get back in,” Oniha said.
But Adeosun said what Nigeria need to do is to re-position this economy and move in its own direction of reforms.
“JP Morgan or any other index will come naturally. My focus really is on the recovery of the economy. They will come when the macro fundamentals are right. They left because the macro fundamentals were not right,” Adeosun said.
Source: Reuters

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