By Abubakar Yunusa
President Bola Tinubu says Moody’s upgrade of Nigeria’s credit rating represents a milestone in restoring investor trust.
On May 30, Moody’s, a US-based rating agency, upgraded Nigeria’s issuer rating from Caa1 to B3, citing significant improvements in the country’s external and fiscal positions.
The rating firm also revised Nigeria’s outlook to “stable” from “positive”.
Specifically, Moody’s said 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.”
In a statement over the weekend, Bayo Onanuga, special adviser to the president on information and strategy, said the reforms include measures taken to unify the foreign exchange (FX) market, remove fuel subsidies, increase non-oil revenue, and restore credibility to monetary policy through the Central Bank of Nigeria’s (CBN) actions.
He said Tinubu described the upgrade as 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,” the statement reads.
The president said the improved credit rating reinforces global confidence in Nigeria’s economic future.
“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,” Tinubu was quoted as saying.
“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.”
He also reaffirmed his administration’s resolve to maintain prudent economic management while fostering inclusive growth.
The statement said the improved rating is expected to boost Nigeria’s access to international capital markets, lower borrowing costs, and attract more foreign direct investment (FDI) — accelerating economic recovery and job creation.
Onanuga said the federal government remains committed to sustaining the reform momentum and strengthening the resilience of the Nigerian economy.
He noted that 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 programmes.
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