By Jemimah Wellington, JKNewsMedia Reporter
NIGERIA’s REFORM agenda gained fresh international credibility following Moody’s Investors Service’s decision to upgrade the country’s long-term foreign-currency issuer rating from Caa1 to B3, assigning a Stable Outlook.
The Federal Government described the move as a pivotal acknowledgment of the nation’s economic direction and fiscal management under President Bola Ahmed Tinubu’s administration.
The improved rating underscores steady advances in stabilising the macroeconomic framework, enhancing fiscal discipline, and boosting debt sustainability.
Market-oriented reforms continue to shape a new investment narrative, with Moody’s citing a “more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms” as key reasons for the upgrade.
Measures credited for the shift include the unification of the foreign exchange market, the removal of fuel subsidies, increased non-oil revenue mobilisation, and the reassertion of credibility in monetary policy through strategic actions by the Central Bank of Nigeria.
President Tinubu welcomed the announcement as a powerful signal to investors that Nigeria is regaining global trust.
“This upgrade signals to global investors and partners that Nigeria is back on a path of responsibility, reform, and renewed credibility. It underscores our unwavering commitment to transparency, discipline, and prosperity for all Nigerians,” the President declared.
Economic analysts expect the improved rating to bolster Nigeria’s access to global capital markets, lower sovereign borrowing costs, and drive inflows of foreign direct investment, supporting broader efforts toward job creation and industrial rejuvenation.
As the government maintains reform momentum, policy focus remains on widening the tax base, expanding the digital economy, increasing industrial output, and reinforcing social safety nets for vulnerable populations.
The President affirmed the administration’s enduring commitment to reform, resilience, and inclusive growth.
“This positive rating reinforces global confidence in Nigeria’s future and represents a milestone in the Administration’s goal of restoring investor trust, unlocking economic potential, and securing long-term prosperity,”
President Tinubu added, as stated by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
