Fitch Ratings has revised Nigeria’s credit outlook from stable to positive while affirming the country’s long-term credit rating at ‘B’, citing ongoing economic reforms, falling inflation and rising foreign exchange reserves.
In a statement, the Federal Ministry of Finance says the rating agency’s decision reflects growing confidence that the administration’s economic reforms will be sustained.
Nigeria’s foreign reserves rose to 54.9 billion dollars as of September 25, 2026, from 32 billion dollars in mid-April 2024, supported by foreign investment inflows, export earnings and remittances.
Fitch projects Nigeria’s economy will grow by 4.3 per cent in 2026, up from 4 per cent in 2025, with growth expected to remain above 4 per cent in 2027 and 2028.
The agency also forecasts average inflation to fall to 15.4 per cent this year, while increased domestic refining is expected to reduce fuel imports and demand for foreign exchange.
The rating agency expects Nigeria’s tax reforms to improve government revenue and projects public debt to average 32 per cent of Gross Domestic Product between 2026 and 2028, below the median of 56 per cent for countries with a ‘B’ rating.
Finance Minister Taiwo Oyedele says the positive outlook validates reforms introduced under President Bola Tinubu, including the removal of fuel subsidy, exchange-rate unification and tax reforms.
He reaffirms that the government will continue efforts to reduce inflation, increase non-oil revenue, improve fiscal management and attract private investment.
The ministry says Fitch’s decision follows an upgrade by S&P Global Ratings in May and a positive outlook revision by Moody’s Ratings in August.
It adds that further improvements in Nigeria’s credit standing will depend on sustained reforms, stronger foreign reserves, lower inflation and increased revenue collection.
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