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Kamorudeen Olawale Yusuf (Kamosky)
@KamorYusuf
Fitch Upgrades Nigeria’s Outlook to Stable, Backs Tinubu’s Reforms
What is Fitch?
Fitch Ratings is one of the world’s “Big Three” global credit rating agencies. Their assessments influence investor confidence, guide international lending decisions, and shape perceptions of a country’s economic health.
What Just Happened?
Fitch has upgraded Nigeria’s credit outlook from Negative to Stable, signaling growing confidence in the President Tinubu administration’s reform agenda. Although the country’s long-term foreign currency rating remains at ‘B’, the upgrade reflects a positive shift in economic trajectory and investor sentiment.
Why the Upgrade?
Fitch credited President Tinubu’s economic leadership, highlighting bold and strategic reforms, including:
•Exchange rate liberalisation, supported by the launch of a new FX platform that boosted transparency and liquidity.
•Fuel subsidy removal, curbing wasteful spending and redirecting resources.
•Monetary tightening, with a sharp increase in interest rates to combat inflation.
•Ending deficit monetisation, which enhances fiscal discipline and credibility.
Progress So Far:
•FX inflows surged by 89% in Q4 2024.
•External reserves improved, peaking at $41 billion.
•Inflation has begun to moderate, standing at 23.2% in February 2025.
•Oil production is recovering steadily, while the Dangote Refinery is scaling up to meet domestic fuel demand.
This upgrade is a significant vote of confidence in the Tinubu administration’s economic direction. It validates the President’s bold reforms and reflects Nigeria’s growing appeal to global investors.
Under President Tinubu’s leadership, Nigeria is steadily rebuilding credibility, restoring investor confidence, and laying the foundation for long-term prosperity.
— Kamorudeen Yusuf, Personal Assistant on Special Duties to the President
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