Business
Moody’s Upgrades Nigeria’s Issuer Ratings To ‘B3’, Citing Bold Economic Reforms
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.
The Federal Government has reaffirmed its commitment to fostering a conducive business environment where innovation, transparency, and capital investment can flourish.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, gave the assurance today in his office in Abuja during a courtesy visit by esteemed businessman and philanthropist, Mr Femi Otedola.
Also present at the meeting was the Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, underscoring the coordinated efforts of the economic management team to strengthen private sector engagement.
The Ministers and Mr Otedola engaged in a robust discussion on Nigeria’s evolving investment climate, particularly the expanding opportunities in banking and power, including renewable energy. Mr Otedola commended President Bola Ahmed Tinubu’s bold economic reform agenda and expressed renewed confidence in the direction of policy under the current administration.
He noted that the improving macroeconomic conditions, enhanced regulatory clarity, and pragmatic fiscal measures are not only restoring investor confidence but also creating more level ground for both established conglomerates and emerging enterprises to thrive.
The business tycoon affirmed the readiness of major Nigerian investors, including himself, to increase their commitments in sectors critical to inclusive growth and national competitiveness.
The gathering reflects the Federal Government’s determination to work hand in hand with the private sector to drive sustainable economic growth and equitable development across the country.
Business
FG Replenishes $500 Million Trust Fund To Spur Private Sector Growth , Inclusive Development Across Africa
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
Business
Wale Edun Congratulates AfDB President -Elect , Affirms Nigeria’s Role In Continent -Wide Consensus
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.
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