In December 2024, the Nigerian government announced a partnership with Bloomberg, a global media company, to rebrand the country’s global image and attract foreign investments necessary for economic growth.
According to a statement released on the X handle of the Ministry of Finance Incorporated (MOFI), the government planned to sign a two-year agreement aimed at reshaping Nigeria’s global perception and increasing foreign investor confidence.
“The Federal Government of Nigeria, through the Ministry of Finance Incorporated (MOFI), is set to partner with Bloomberg in a two-year initiative aimed at rebranding the nation’s global image and attracting foreign investment,” the statement read.
At a meeting with Wale Edun, the Minister of Finance, Bloomberg’s Global Director, Nicole Keefe, reaffirmed the company’s commitment to promoting Nigeria’s economic potential on the global stage.
“Bloomberg plans to leverage its vast media network to highlight Nigeria’s achievements and opportunities, addressing investor hesitations tied to outdated or negative perceptions,” the statement added.
Nigeria’s sovereign risk spread fell to its lowest level since January 2020 and at that time, Nigeria’s GDP had declined to nearly $200 billion, making it the fourth-largest economy in Africa, according to the International Monetary Fund (IMF). Therefore, the government sought to rebuild investor confidence and regain its economic stand.
This renewed optimism followed government efforts to attract foreign investment, particularly through its collaboration with Bloomberg.
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The Complex Interplay Between Media Representation and Unverified Government Statistics
In January 2025, the NBS reported a sharp decline in the annual inflation rate to 24.48%, following a rebasing exercise to reflect updated consumption patterns. Previously, the December inflation estimate was 34.80% year-on-year using 2009 as the base year; the new base year is 2024.
Statistician-General Prince Adeyemi Adeniran stated that this update would provide a more accurate depiction of current inflationary pressures. Food inflation, a significant contributor to the overall rate, was recorded at 26.08% year-on-year in January.
These figures by NBS are disseminated globally by Bloomberg, influencing international perceptions of Nigeria’s economic stability.
However, concerns remained over the accuracy of economic data published by the National Bureau of Statistics (NBS) and reported by Bloomberg as the official inflation figures did not reflect real-market conditions, raising questions about the reliability of economic indicators.
While the rebasing was intended to align data with current economic realities, the sudden drop in reported inflation rates is questioned with the still-ongoing hardship in Nigeria.
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