The Federal Government has described the recent credit rating upgrade by Moody’s Investors Service as a strong signal that Nigeria is regaining global investor confidence. The international ratings agency upgraded Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, with a stable outlook.
In a statement issued on Saturday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the upgrade reflects “a significant vote of confidence in the country’s economic direction and ongoing reform agenda” under President Bola Ahmed Tinubu.
Moody’s cited Nigeria’s improved fiscal and external positions, along with the government’s commitment to key structural reforms, as reasons for the new rating. The agency particularly acknowledged efforts to unify the foreign exchange market, remove fuel subsidies, enhance non-oil revenue, and improve the credibility of monetary policy.
“This upgrade reflects growing international recognition of Nigeria’s progress in stabilising its macroeconomic environment and improving debt sustainability,” Onanuga noted.
Reacting to the announcement, President Tinubu reaffirmed his administration’s dedication to sound economic management and inclusive growth. He said the upgrade sends a clear message to global investors that Nigeria is on a responsible and reform-driven path.
“This signals to the world that Nigeria is back on the path of transparency, discipline, and economic credibility,” President Tinubu said. “It is a vote of confidence in our economic reforms, and we remain focused on ensuring prosperity for all Nigerians.”
The improved rating is expected to lower Nigeria’s borrowing costs, ease access to international capital markets, and encourage foreign direct investment. Analysts say such upgrades also help countries like Nigeria attract long-term investments needed for infrastructure and industrial development.
The Federal Government assured that it will continue with current reforms aimed at building a stronger, more resilient economy. Future plans include expanding the tax base, supporting digital transformation, increasing industrial productivity, and protecting vulnerable citizens through targeted social safety programmes.
“This positive rating reinforces global confidence in Nigeria’s economic future and marks a key milestone in our efforts to unlock investment, create jobs, and secure long-term prosperity,” Tinubu added.
Nigeria’s last rating by Moody’s was downgraded in 2022 due to concerns over debt sustainability and policy uncertainty. This recent upgrade, therefore, marks a notable turnaround in international perception of the country’s economic outlook.
