*The Federal Government says Moody’s latest Investors Service upgrade of Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3 reflects growing international recognition of recorded progress in stabilising macroeconomic environment, enhancing fiscal transparency, improving debt sustainability, and implementing market-oriented reforms

Alexander Davis | 绿帽献妻

The Federal Government has said it welcomed Moody’s latest Investors Service upgrade of Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, with a Stable Outlook.

The recent upgrade is regarded as a significant vote of confidence in the country’s economic direction and ongoing reform agenda.

The Federal Government has also affirmed the Moody’s 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.”

These include 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 (CBN) actions.

Government’s resolve to maintain prudent economic management, by Tinubu

Reacting to the development, Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, in a statement Saturday, May 31, 2025, said President Tinubu reaffirmed the Administration’s resolve to maintain prudent economic management while fostering inclusive growth.

Tinubu stated: “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 also noted 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 restated its commitment to sustaining the reform momentum while strengthening the resilience of the Nigerian economy.

According to Tinubu, 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.

The Nigerian leader further said: “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.”