President Bola Tinubu says Moody’s Investors Service’s recent upgrade of Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, with a Stable Outlook, is a welcome development.
Describing it as a significant vote of confidence in the country’s economic direction and ongoing reform agenda, Mr Bayo Onanuga, the President’s spokesman, said this in a statement.
President Tinubu reaffirmed his administration’s commitment to maintaining prudent economic management while promoting inclusive growth.
“This upgrade signals to global investors and partners that Nigeria is back on a path of responsibility, reform, and renewed credibility.
“It underscores our unwavering commitment to transparency, discipline, and prosperity for all Nigerians.
“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.
“The upgrade reflects growing international recognition of Nigeria’s progress in stabilising its macroeconomic environment, enhancing fiscal transparency, improving debt sustainability, and implementing market-oriented reforms under President Tinubu’s leadership.”
According to Moody’s, 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.”
This includes measures such as unifying the foreign exchange market, removing fuel subsidies, increasing non-oil revenue, and restoring credibility to monetary policy through actions by the Central Bank of Nigeria.
The upgrade is expected to improve Nigeria’s access to international capital markets, reduce borrowing costs, and attract foreign direct investment, further accelerating economic revitalisation and job creation.