ABUJA, Nigeria (VOICE OF NAIJA)- The Federal Government has applauded Moody’s Investors Service for upgrading Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, maintaining a Stable Outlook.
The government described the development as a significant vote of confidence in the country’s economic trajectory and reform efforts.
The upgrade, according to officials, marks a growing acknowledgment by the international community of Nigeria’s progress in stabilising its macroeconomic landscape, improving debt sustainability, enhancing fiscal transparency, and advancing market-driven reforms under the leadership of President Bola Ahmed Tinubu.
Moody’s attributed the improved rating to “a more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.”
These include policy moves such as unifying the foreign exchange market, phasing out fuel subsidies, boosting non-oil revenues, and restoring monetary policy credibility through the Central Bank of Nigeria’s interventions.
In response to the ratings upgrade, President Tinubu reiterated his administration’s dedication to sound economic governance and inclusive growth.
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“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,” the President said.
Officials believe the new rating will ease Nigeria’s access to international capital markets, lower borrowing costs, and draw in greater foreign direct investment, aiding ongoing efforts to revive the economy and create jobs.
The Federal Government emphasized its commitment to sustaining reform momentum and strengthening economic resilience.
Priorities include expanding the tax base, deepening the digital economy, driving industrial growth, and shielding vulnerable populations through targeted social protection initiatives.
“This positive rating reinforces global confidence in Nigeria’s future and represents a milestone in the Administration’s goal of restoring investor trust, unlocking economic potential, and securing long-term prosperity,” President Tinubu added.