Nigeria's Credit Outlook Upgraded to Positive by Moody's

The Federal Government of Nigeria has expressed approval of Moody’s Ratings' decision to change Nigeria's sovereign credit outlook from 'stable' to 'positive', a move announced on Friday, August 28, 2026. The statement was issued by the Federal Ministry of Finance and signed by Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy.

Moody’s affirmed Nigeria’s long-term foreign and local currency issuer ratings at B3, attributing the positive outlook to enhancements in the country’s external position, foreign exchange market, reserves, and monetary policy transmission. This rating action follows several years of economic reforms by the Federal Government, including the removal of the fuel subsidy and exchange-rate unification.

The government aims to achieve investment-grade status, necessitating improvements in domestic revenue mobilization and spending efficiency. Moody’s cited stronger foreign exchange reserves and better-than-expected economic growth as factors bolstering Nigeria's ability to withstand external shocks, with real GDP growth recorded at 3.89% year-on-year in the first quarter of 2026.