The Director-General of the Debt Management Office, Patience Oniha, has said that Nigeria is in advanced discussions with JP Morgan to re-enter the Government Bond Index and renew investors’ confidence.
Oniha disclosed this on Wednesday at a Nigerian Investors’ Forum on the sidelines of the World Bank and International Monetary Fund Spring Meetings in Washington, D.C.
The DMO boss explained that Nigeria has enjoyed favourable credit assessment among rating agencies in recent times on the back of the sweeping reforms initiated by the Central Bank of Nigeria.
Fitch Ratings recently upgraded the Long-Term Issuer Default Ratings of seven Nigerian banks and two bank holding companies to ‘B’ from ‘B-‘, noting that the outlooks are Stable.
The affected issuers are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Limited, Guaranty Trust Holding Company Plc, First HoldCo Plc, First Bank of Nigeria Ltd, Fidelity Bank Plc and Bank of Industry Limited.
The upgrades of the Long-Term IDRs of the banks followed the recent sovereign upgrade and reflect Fitch’s view that Nigeria’s sovereign credit profile has become less of a constraint on the issuers’ standalone creditworthiness, the rating agency said.
Fitch also upgraded Nigeria’s Long-Term IDRs to ‘B’ from ‘B-‘ on 11 April, a decision that reflected increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening and steps to end deficit monetisation and remove fuel subsidies.
“These have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent domestic challenges and heightened external risks,” Fitch said.
Nigeria was removed from the JP Morgan index in 2015 ostensibly due to its deviation from orthodox monetary policies and influence of capital control in its management of foreign exchange.
Principally due to reduction in oil revenues at the time, Nigeria introduced currency restrictions to defend the naira after it failed to halt a dangerous slide with burning of dollar reserves. The bank had earlier warned Nigeria to restore liquidity to its currency market in a way that allowed foreign investors tracking the index to conduct transactions with minimal hurdles.
“Foreign investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” the bank said in a 2015 note.
Nigeria was listed in JP Morgan’s emerging government bond index in October 2012, after the Central Bank removed a requirement that foreign investors hold government bonds for a minimum of one year before exiting.
The JP Morgan Government Bond Index reflects investor confidence and opens doors to billions of investment flows, making Nigeria’s proposed re-entry a positive signal to the market and investors.
Oniha explained that talks with JP Morgan were ongoing and had gained momentum in recent times due to the stability created by the FX market reforms.
“With all the reforms that have taken place, particularly around FX, we have started engaging JP Morgan again to get back into the index. We think we are eligible now,” the DMO DG said.

The Chief of Army Staff (COAS), Lt.-Gen Olufemi Oluyede , says Transformational Leadership is the most essential component of combat power on the battlefield and the military cannot function without it.
Oluyede stated this at the Army Seminar on Transformation Leadership organised by the Department of Transformation and Innovation, held at 1 Division Nigerian Army in Kaduna, yesterday.
The COAS was represented by Maj.-Gen. Mayirenso Saraso , the General Officer Commanding (GOC), 1 Division Nigerian Army and also the Commander Sector 1 Operation Fansan Yamma.
He noted that the target audience are the junior and middle cadre personnel of the Nigerian Army with the focus on leadership and effective followership at the tactical level, where battles and engagements are planned and executed to accomplish operational level objectives.
Oluyede, who emphasised the importance of leadership in combat power and military effectiveness, noted that the seminar comes at a critical time, given the diverse security challenges confronting the nation.
The COAS highlighted the need bring on bound junior and middle cadre leaders with strong character, unwavering commitment, and the capacity to think quickly and make sound decisions.
“It is at this level that we have you participants, as frontline commanders, who have it as a duty to lead men, sustain their moral, continually motivate them and maintain their fighting spirit in the most lethal and demanding environment of any battlefield,” he said.
He added that Nigerian Army has continued to review its tactics, techniques and procedures to develop both kinetic and non-kinetic strategies aimed at defeating its adversaries.
“The seminar is therefore, premised on the need to improve the Nigerian Army’s capacity in advancing its transformational leadership drive.
“As young leaders, in our Army, it is crucial that you are not only skilled in carrying out your duties but also possess the right attitude and leadership qualities to guide our troops on the frontiers to achieve our goals in line with our constitutional responsibilities.
“As you are all aware, leadership is the most essential component of combat power on the battlefield and the military cannot function without it.
“Therefore, every opportunity must be seized to learn and improve in this area.
“Additionally, the increasing threats posed by Chemical, Biological, Radiological and Nuclear weapons, is a current challenge to combat readiness, will be discussed during this all-important seminar.
“The aim is to raise awareness among personnel on the need to counter any acts of chemical, biological, radiological and nuclear terrorism especially during military operations, “he said.
Oluyede implored the participants to take the seminar seriously, while applauding their loyalty and performance so far within 1 Div Area of Responsibility (AOR).
He assured them that the Army headquarters will continue to provide the resources, and direction they require to perform their roles.
The COAS reiterated the unwavering commitment to President Bola Tinubu for his invaluable support to the Nigerian Army towards ensuring success in our various operations. .
“We must do well on our part, to justify these resources and goodwill by consistently executing all assigned tasks swifty and in the most efficient and professional manner.
The COAS appreciated the seasoned resource persons , who have sacrificed their time to be here with us, to rub minds and share their knowledge and experiences during the deliberations.
“I am confident that your presence at this seminar will be of immense benefit to the participants and the Nigerian Army at large,” Oluyede said.
Earlier in his remarks, the Chief of Transformation and Innovation Nigerian Army, Maj.-Gen. Olusegun Abai, said the seminar is designed to enhance leadership for improved regimentation, discipline and combat efficiency.
Abai said “The seminar is also aimed to create awareness and suggest measures to suppress the act of chemical , biological, radiological and nuclear terrorism which is gradually creeping into our operational domain as well as the importance of identifying and suppressing these threats in Nigeria.”
According to him, the emergence of these threats indicate Nigeria Army personnel are being exposed to harmful and hazardous conditions across various theatres of operations.
He urged the participants to be open minded and contribute positively to make the seminar worthwhile.
TheTide’s report that the theme of the one day seminar is, “ Transformational Leadership and Nigeria Army Operational Effectiveness in a Joint and Multi -Agency Environment.

Russia attacked Kyiv yesterday with an hour-long barrage of missiles and drones, killing nine people and injuring more than 70.
This was said to be the deadliest assault on the Ukrainian capital since July 2024, and just as peace efforts are coming to a head.
Ukraine President Volodymyr Zelenskyy said after the attack, that he was cutting short his official trip to South Africa and returning home as the city reeled from the bombardment that kept residents on edge for about 11 hours.
Zelenskyy said this appeared to be Russia’s biggest attack on Kyiv in nine months and called it one of Russia’s “most outrageous.’’
The attack drew a rare rebuke of Russian President Vladimir Putin from United States. President Donald Trump, who said he was “not happy” with it.
“Not necessary, and terrible timing. Vladimir, STOP!” Trump wrote on his social media platform, Truth Social.
However, senior Untied States. officials have warned that the Trump administration could soon give up its efforts to stop the war if the two sides do not compromise.
Kyiv Mayor Vitalii Klitschko announced that Friday would be an official day of mourning in the capital.
The Ukrainian air force said Russia fired 66 ballistic and cruise missiles, four plane-launched air-to-surface missiles, and 145 Shahed and decoy drones at Kyiv and four other regions of Ukraine.
Rescue workers with flashlights scoured the charred rubble of partly collapsed homes as the blue lights of emergency vehicles lit up the dark city streets.
The attack came as weeks of peace negotiations appeared to culminate without an agreement.
Reports also said the attack came hours after Trump lashed out at Zelenskyy.
Trump had accused him of prolonging the “killing field” by refusing to surrender the Russia-occupied Crimea Peninsula as part of a possible deal.