Fitch revises Nigeria’s credit outlook to positive as reserves rise to $54.9bn
Nigeria’s foreign exchange reserves have risen to $54.9 billion, while easing inflation and economic reforms have prompted Fitch Ratings to
Fitch Ratings is one of the three major global agencies, alongside Moody's and S&P, whose sovereign credit assessments shape how international investors and lenders price risk on a country's debt. A "B" rating sits deep in speculative-grade territory, but a shift in outlook from Stable to Positive signals that an upgrade could follow if current trends hold, potentially lowering Nigeria's borrowing costs on future Eurobonds and other external financing.
The revision comes after a period of significant monetary and foreign exchange policy changes under the Central Bank of Nigeria, including efforts to unify exchange rate windows, clear FX backlogs, and tame inflation that had squeezed households and businesses. Coverage across outlets agrees on the headline figures — reserves at $54.9 billion and the outlook change — with Fitch itself cautioning that it expects the reform momentum to continue despite upcoming elections. Less detailed in the reports is how the agency weighs ongoing fiscal pressures, debt-servicing costs, and oil revenue volatility, which remain key variables Fitch and other rating agencies typically cite as risks to Nigeria's credit profile.