Fitch revises Nigeria’s rating outlook to positive
Fitch Ratings has upgraded Nigeria's economic outlook to positive, citing successful monetary reforms and increased foreign exchange reserves. The agency expects these improvements to stabilize the naira and support economic growth despite potential oil price fluctuations.
Why it matters
An improved credit outlook for Nigeria signals increased investor confidence in Africa's largest economy.
--> International rating agency Fitch Ratings has revised the outlook on Nigeria’s long-term issuer default ratings from stable to positive. The agency affirmed the ratings at B, Premium Times Nigeria reports .
Fitch explained that the outlook revision reflects further economic policy reforms and greater confidence that the pace of reforms will not be disrupted ahead of the country’s general elections. The agency noted that monetary and exchange-rate reforms have contributed to a more flexible naira exchange rate, slowing inflation and faster-than-expected growth in foreign exchange reserves.
According to Fitch’s assessment, Nigeria’s external positions have improved: gross foreign exchange reserves increased from $32 billion in mid-April 2024 to $54.9 billion as of September 9, 2026. The agency cited greater formalization of foreign exchange transactions, substantial portfolio investment inflows, and increased export earnings and remittances among the factors.
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