The Federal Government has welcomed the latest credit rating upgrade by Moody’s Investors Service, which raised Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3 with a Stable Outlook.
The move is being hailed as a strong endorsement of President Bola Ahmed Tinubu’s economic reform agenda and a signal of growing international confidence in Nigeria’s economic trajectory.
Moody’s attributed the upgrade to Nigeria’s “more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.”
These reforms include the unification of the foreign exchange market, elimination of costly fuel subsidies, enhancement of non-oil revenue streams, and the restoration of credibility to monetary policy through decisive actions by the Central Bank of Nigeria.
Under President Tinubu’s leadership, Nigeria has made notable strides in stabilising its macroeconomic environment, increasing fiscal transparency, and improving debt sustainability—all of which contributed to Moody’s improved rating.
Reacting to the announcement, President Tinubu reaffirmed his administration’s dedication to sound economic stewardship and inclusive development.
“This upgrade sends a clear message to global investors and development partners: Nigeria is committed to a path of fiscal discipline, reform, and renewed credibility. It reflects our determination to build an economy founded on transparency, responsibility, and shared prosperity for all Nigerians”, ,” the President stated.
The upgraded rating is expected to bolster Nigeria’s access to international capital markets, lower borrowing costs, and attract greater foreign direct investment, key ingredients for driving sustainable growth and job creation.
Looking ahead, the Federal Government reiterated its commitment to sustaining the reform momentum. Key priorities include broadening the tax base, accelerating digital innovation, boosting industrial productivity, and expanding social protection for vulnerable populations.
President Tinubu concluded: “This positive rating is a testament to Nigeria’s economic resilience and our unrelenting pursuit of investor confidence, long-term prosperity, and opportunity for every Nigerian.”
