Fitch revises Nigeria’s outlook to positive, affirms ‘B’ rating

By Emma Ujah, Abuja Bureau Chief
Fitch has revised Nigeria’s Long-Term Issuer Default Ratings outlook from Stable to Positive, citing the success of the sustained economic reforms and rising foreign exchange reserves.
The Global rating agency also noted the easing inflationary pressures and improved prospects for economic growth, which the World Bank has projected at 4.3 per cent for this year.
The agency also affirmed Nigeria’s rating at “B”.
According to the agency, exchange rate flexibility, declining inflation and faster-than-expected accumulation of foreign exchange reserves were major factors behind the improved assessment.
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