Nigeria’s Credit Rating Upgraded by Moody’s, Hailed by President Tinubu

Abuja, Nigeria – Moody’s Investors Service has upgraded Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, assigning a Stable Outlook. President Bola Tinubu has welcomed the upgrade, calling it a significant signal to global investors.

In a statement released on Saturday by his Special Adviser on Media and Publicity, Bayo Onanuga, President Tinubu declared that the upgrade “signals to global investors and partners that Nigeria is back on a path of responsibility, reform, and renewed credibility.”

The President described the development as a crucial vote of confidence in Nigeria’s economic direction and ongoing reform agenda. He stated that it “underscores our unwavering commitment to transparency, discipline, and prosperity for all Nigerians.”

According to President Tinubu, the upgrade reflects increasing international recognition of Nigeria’s progress in stabilising its macroeconomic environment, enhancing fiscal transparency, improving debt sustainability, and implementing market-oriented reforms under his leadership.

Moody’s stated that the improved rating is based on “a more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.” These reforms include efforts to unify the foreign exchange market, remove fuel subsidies, increase non-oil revenue, and restore credibility to monetary policy through the Central Bank of Nigeria’s actions.

Reacting to the development, President Tinubu reaffirmed his administration’s resolve to maintain prudent economic management while fostering inclusive growth. The upgrade is anticipated to enhance Nigeria’s access to international capital markets, potentially reducing borrowing costs and attracting foreign direct investment, thereby accelerating economic revitalisation and job creation.

The Federal Government, President Tinubu added, remains committed to sustaining the reform momentum and strengthening the resilience of the Nigerian economy. He promised continued efforts to broaden the tax base, deepen the digital economy, boost industrial productivity, and support the most vulnerable through targeted social protection programmes.

“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,” Tinubu concluded.