Nigeria Rating Outlook Raised to Positive by Fitch Amid Reforms
- Reforms have reduced distortions from unconventional policies
- High debt service, rising inflation remain risks to outlook
Nigeria’s credit rating outlook was lifted by Fitch Ratings to positive from stable, six months after it said that reform progress since President Bola Tinubu came to power in May of last year was faster than it anticipated.
“The Positive Outlook partly reflects reforms over the last year to support the restoration of macroeconomic stability and enhance policy coherence and credibility,” Fitch said in a statement on Friday. It affirmed Nigeria’s long-term foreign-currency issuer default rating at B-.