Moody’s Upgrades Nigeria’s Issuer Ratings to ‘B3’
Oru Leonard
The Federal Ministry of Finance in Nigeria has welcomed a recent decision by Moody’s Investors Service to upgrade Nigeria’s issuer ratings from Caa1 to B3, with a stable outlook. This upgrade reflects growing confidence in Nigeria’s ongoing economic reforms and improvements in the country’s fiscal and external positions under President Bola Ahmed Tinubu’s administration.
Moody’s cited significant improvements in Nigeria’s external and fiscal positions, driven by the government’s commitment to correcting macroeconomic imbalances, enhancing fiscal transparency, and implementing structural reforms.
Key measures highlighted include tax reforms and a more flexible, market-driven foreign exchange regime, which have bolstered external reserves.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed encouragement by Moody’s recognition of the reform agenda, reflecting the administration’s determination to stabilize the economy, attract investment, and ensure inclusive growth.
The upgrade is expected to boost investor confidence and enhance Nigeria’s global credit standing.
The Ministry of Finance, in partnership with the Central Bank of Nigeria, says Nigeria remains committed to preserving macroeconomic stability, ensuring debt sustainability, and maintaining sound fiscal management.
In addition, he added that government is focused on accelerating rapid, sustained, and inclusive growth, supported by both domestic and foreign private investment.¹
