Fitch Ratings Upgrades Nigeria's Credit Outlook to Positive

On October 9, 2026, Fitch Ratings revised Nigeria's credit outlook to Positive from Stable while affirming its long-term issuer default ratings at 'B'. This rating action reflects stronger foreign exchange reserves, ongoing economic reforms, and moderating inflation, despite concerns over fiscal pressures and high debt-servicing costs.

As of September 25, 2026, Nigeria's gross foreign exchange reserves rose to $54.9 billion from $32 billion in mid-April 2024, attributed to portfolio inflows, export receipts, remittances, and the formalization of foreign exchange transactions. Nigeria's current account surplus is projected to reach 6.4% of GDP in 2026.

Fitch forecasts GDP growth at 4.3% in 2026, up from 4% in 2025, with expectations of continued growth above 4% in 2027 and 2028. However, it warns that high food and fuel prices and security risks could weaken household incomes and economic growth.

CBN Governor Olayemi Cardoso stated that Nigeria's gross foreign exchange reserves had reached a record $55 billion.