Fitch Ratings Upgrades Outlook for Nine Nigerian Banks

Fitch Ratings has revised the outlooks of nine Nigerian banks and two bank holding companies from Stable to Positive, reflecting improvements in Nigeria's economic policy framework, foreign exchange reserves, and operating environment. The Long-Term Issuer Default Ratings (IDRs) of these institutions remain affirmed at ‘B’.

The banks affected include Access Bank Plc, Zenith Bank Plc, First HoldCo Plc, First Bank of Nigeria Ltd, United Bank for Africa Plc, Guaranty Trust Holding Company Plc, Guaranty Trust Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, Wema Bank Plc, and Bank of Industry Limited. This revision follows Fitch's decision on October 9, 2026, to change Nigeria's Long-Term IDRs outlook to Positive.

The revisions indicate that Nigeria's sovereign credit profile and operating environment may become less of a constraint on the banks' creditworthiness. The outlook changes for First HoldCo and First Bank were supported by restored compliance with capital adequacy ratios.

The Positive Outlook for Bank of Industry reflects potential government support.