President Bola Tinubu has welcomed the recent upgrade of Nigeria’s long-term foreign-currency issuer rating by Moody’s Investors Service, which moved the country’s rating from Caa1 to B3 with a Stable Outlook.
In a statement issued by his spokesperson, Mr Bayo Onanuga, the President described the development as a strong vote of confidence in Nigeria’s economic direction and the ongoing reform agenda.
President Tinubu reiterated his administration’s commitment to sound economic management and inclusive growth.
“This upgrade sends a clear signal to global investors and partners that Nigeria is on the path of responsible governance, reform, and renewed credibility,” he said.
“It affirms our steadfast commitment to transparency, fiscal discipline, and prosperity for all Nigerians.
“The positive rating strengthens international confidence in Nigeria’s future and marks a significant step in our efforts to rebuild investor trust, unlock the country’s economic potential, and secure sustainable long-term growth.”
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Moody’s stated that the improved rating reflects “a more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.”
Key reforms cited include the unification of the foreign exchange market, removal of fuel subsidies, increased non-oil revenue mobilisation, and the restoration of monetary policy credibility through Central Bank interventions.
The rating upgrade is expected to enhance Nigeria’s access to global capital markets, reduce borrowing costs, and attract foreign direct investment, thereby accelerating economic recovery and job creation.
