President Bola Ahmed Tinubu has welcomed Moody’s Investors Service’s upgrade of Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3 with a Stable Outlook, describing it as a strong signal of international confidence in the country’s economic direction and reform agenda.
The global rating agency cited Nigeria’s more resilient fiscal position, stronger external accounts, and the government’s commitment to macroeconomic and structural reforms as key drivers behind the improved rating.
“These include decisive steps such as unifying the foreign exchange market, removing fuel subsidies, boosting non-oil revenues, and restoring credibility to monetary policy through the Central Bank of Nigeria,” Moody’s noted.
Reacting to the development, President Tinubu reaffirmed his administration’s commitment to sound economic management and inclusive growth.
“This upgrade signals to global investors and partners that Nigeria is back on a path of responsibility, reform, and renewed credibility. It underscores our unwavering commitment to transparency, discipline, and prosperity for all Nigerians,” he said.
The improved credit rating is expected to enhance Nigeria’s access to international capital markets, lower borrowing costs, and attract greater foreign direct investment, further stimulating economic revitalisation and job creation.
The Federal Government reiterated its determination to sustain the momentum of reforms aimed at broadening the tax base, expanding the digital economy, boosting industrial productivity, and supporting vulnerable populations through targeted social protection initiatives.
“This positive rating reinforces global confidence in Nigeria’s future and marks a milestone in our quest to restore investor trust, unlock economic potential, and secure long-term prosperity,” the President added.
