Fitch Ratings Upgrades Nigeria's Outlook to Positive

Fitch Ratings has revised Nigeria's Long-Term Issuer Default Ratings (IDRs) outlook from Stable to Positive, affirming the rating at 'B'. This decision, announced over the weekend, is based on the federal government's ongoing policy reforms and the expectation that these reforms will continue despite the upcoming general election in early 2027.

Key factors for this outlook revision include anticipated policy continuity, stronger external buffers, a restrictive monetary stance, reduced inflation, and increased oil production and refining capacity. Mr. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, expressed the government's commitment to maintaining reform momentum and a transparent foreign exchange regime.

Fitch noted that Nigeria's ratings are supported by its large economy and improved macroeconomic policy framework, although challenges remain, including weak governance indicators and high inflation. The agency also reported that Nigeria's gross FX reserves rose to $54.9 billion as of September 25, 2026.