President Bola Ahmed Tinubu has welcomed the recent upgrade of Nigeria’s credit rating by Moody’s Investors Service, describing it as a clear indication of renewed global trust in the country’s economic trajectory.
Moody’s raised Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, attaching a Stable Outlook to the improved status. The global rating agency cited stronger fiscal fundamentals, firmer external balances, and the federal government’s consistent implementation of macroeconomic and structural reforms.
The move follows recent policy decisions by the Tinubu administration, including the unification of foreign exchange rates, removal of petrol subsidies, and efforts to boost revenue from non-oil sectors. The Central Bank of Nigeria has also taken steps to restore monetary policy credibility, the actions Moody believes have contributed to a more stable financial environment.
In a statement issued on Saturday, President Tinubu noted that the development reflects the growing international acknowledgment of Nigeria’s commitment to sound economic management.
“This upgrade sends a clear message to investors and development partners: Nigeria is regaining its footing and is open for serious business. We remain firmly committed to policies that promote transparency, fiscal discipline, and inclusive economic growth,” the President said.
The improved rating is expected to improve Nigeria’s standing in global financial markets, lower the cost of borrowing, and boost foreign investment—factors that could help drive job creation and sustainable growth.
While acknowledging the positive outlook, President Tinubu stressed that the government will press forward with current reforms, stating that efforts are ongoing to widen the tax net, support local manufacturing, expand the digital economy, and strengthen social support mechanisms for vulnerable populations.
“This marks an important step in our journey toward rebuilding trust in our economy and creating real opportunities for all citizens,” the President said.
The government described the upgrade as an encouraging development that will support its broader objective of positioning Nigeria as a more attractive destination for investment and long-term partnerships.
