Fitch Ratings Upgrades Nigeria's Economic Outlook to Positive

Fitch Ratings has revised Nigeria's Long-Term Issuer Default Ratings outlook to Positive from Stable, affirming the ratings at 'B'. This decision, announced on October 10, 2026, reflects ongoing reforms in the country's policy framework and confidence that these reforms will persist despite upcoming elections in early 2027.

The agency noted that monetary and exchange rate reforms have improved naira flexibility, leading to disinflation and a rapid increase in foreign exchange reserves, which rose to $54.9 billion on September 25, 2026, from $32 billion in mid-April 2024. Fitch expects reserve cover to reach 6.3 months of current external payments by the end of 2026.

The Central Bank of Nigeria reported net reserves of $34.8 billion at the end of 2025. Fitch forecasts a current account surplus of 6.4 percent of GDP in 2026 and real GDP growth of 4.3 percent in 2026, driven by non-oil activity.