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.