Fitch Raises Nigeria’s Outlook to Positive, Affirms ‘B’ Rating

Fitch Ratings has revised the outlook on Nigeria’s Long-Term Issuer Default Ratings to Positive from Stable, while affirming the ratings at ‘B’.
The agency announced the decision on Friday, saying the change reflects ongoing reform of the country’s policy framework and its increased confidence that reform momentum will not be disrupted by the elections due in early 2027.
Fitch said monetary and exchange rate reforms have led to greater naira flexibility, disinflation and faster-than-expected accumulation of foreign exchange reserves.
It said gross reserves rose to $54.9 billion on September 25, 2026, from $32 billion in mid-April 2024, helped by more formalised foreign exchange tran...