The Federal Ministry of Finance welcomes the recent decision by Moody’s Investors Service to upgrade Nigeria’s Issuer ratings from Caa1 to B3, with a stable outlook, citing significant improvements in Nigeria’s external and fiscal positions. 

This decision reflects growing domestic and international confidence in Nigeria’s ongoing economic reforms and improvements in the country’s fiscal and external positions under the administration of President Bola Ahmed Tinubu. It follows a similar upgrade

 by Fitch Ratings, which recently raised Nigeria’s credit rating from ‘B-’ to ‘B’, with a stable outlook. 

This marks the second positive rating action by Moody’s since the beginning of President Tinubu’s administration, following its previous upgrade from Caa1 Stable to Caa1 Positive in December 2023. Moody’s stated that the latest upgrade was driven

 by the Nigerian government’s commitment to correcting macroeconomic imbalances, enhancing fiscal transparency, and implementing structural reforms. The agency highlighted key measures such as tax reforms and the adoption of a more flexible, market driven foreign

 exchange regime, which it says, *has greatly bolstered external reserves.”*

*We are encouraged by Moody’s recognition of our reform agenda,* said Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy. *This positive outlook reflects our* *administration’s determination and the tremendous work being carried* *out across*

 *various Ministries, Departments, and Agencies (MDAs)— including our monetary policy authorities at the Central Bank of Nigeria (CBN) — to stabilize the economy, attract investment, and ensure inclusive and sustainable growth for all Nigerians.*

Since taking office, the Tinubu-led administration has implemented tough but necessary policy measures to tackle long-standing economic challenges. These include enhanced revenue mobilization, improved public financial management, and strategic partnerships

 to unlock infrastructure financing and increase private sector participation. 

The upgrade of Nigeria’s sovereign rating is particularly timely as the government focuses on accelerating rapid, sustained, and inclusive growth, supported by both domestic and foreign private investment. In partnership with the Central Bank of Nigeria, the Ministry

 of Finance remains committed to preserving macroeconomic stability, ensuring debt sustainability, and maintaining sound fiscal management. The government will continue to collaborate with both domestic and international partners to boost investor confidence

 and enhance Nigeria’s global credit standing. 

In a significant step towards promoting African economic growth and development, the Federal Government has signed a landmark agreement with the African Development Bank (AfDB) to replenish the Nigeria Trust Fund (NTF) with $500 million and extend its operation through to 2040.

The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun signed the agreement in Abidjan on the sidelines of the AfDB Annual Meetings, with outgoing AfDB President Dr. Akinwumi Adesina representing the Bank.

Established in 1976, the Nigeria Trust Fund provides concessional finance to support critical development projects across low-income African countries. This latest replenishment reaffirms Nigeria’s commitment to African solidarity and economic transformation—anchored in President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Importantly, the Fund will catalyse high-impact investments, particularly in infrastructure, agriculture, education, and health—opening new pathways for Nigerian private sector participation in cross-border development initiatives.

The Minister noted that the agreement is not just an act of generosity—it is a strategic investment in Nigeria’s future and the prosperity of our neighbours. Stressing that, A stronger continent means greater opportunity for our people and our businesses

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has met with the President-Elect of the African Development Bank (AfDB), Dr. Sidi Ould Tah, on the sidelines of the Bank’s Annual Meetings in Abidjan.

 The meeting was a courtesy call to extend warm congratulations on behalf of President Bola Ahmed Tinubu and the Federal Republic of Nigeria.

Dr. Tah’s hard-earned and decisive victory follows a strong show of continent-wide consensus, with Nigeria playing a pivotal role in rallying African shareholders to act in unison during the electoral process.

 HM Edun welcomed Dr. Tah’s focus on continuity and results, and reaffirmed Nigeria’s commitment to deepening its partnership with the AfDB under his leadership.

As the institution enters a new chapter, the Federal Government expressed its readiness to work hand-in-hand with the incoming President—not only for Nigeria’s national development, but to advance inclusive growth and shared prosperity across the African continent.

As the AfDB embarks on a new chapter under Dr. Tah’s leadership, Nigeria looks forward to a strengthened partnership that will drive inclusive growth, shared prosperity, and continental development.