The Federal Government welcomes Moody’s Investors Service’s latest upgrade of Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, with a Stable Outlook. This is a significant vote of confidence in the country’s economic direction and ongoing reform agenda.

This 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 Bola Ahmed 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 taken to unify the foreign exchange market, remove fuel subsidies, increase non-oil revenue, and restore credibility to monetary policy through the Central Bank of Nigeria’s actions.

Reacting to the development, President Tinubu reaffirmed the Administration’s resolve to maintain prudent economic management while fostering 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,” the President said.

The upgrade is expected to enhance Nigeria’s access to international capital markets, reduce borrowing costs, and attract foreign direct investment, further accelerating economic revitalisation and job creation.

The Federal Government remains committed to sustaining the reform momentum and strengthening the resilience of the Nigerian economy. Efforts will continue to broaden the tax base, deepen the digital economy, boost industrial productivity, and support the most vulnerable through well-targeted social protection programs.

“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”, President Tinubu added.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
May 31, 2025