Global ratings agency Fitch Ratings has affirmed Nigeria’s sovereign credit rating at ‘B’ with a Stable Outlook, citing ongoing economic reforms, rising foreign reserves and improving macroeconomic conditions.
The development was disclosed in a statement by Kamorudeen Yusuf, Personal Assistant on Special Duties to President Bola Ahmed Tinubu.
According to the statement, Nigeria’s gross external reserves rose significantly to $49.4 billion as of March 2026, up from $32 billion recorded in April 2024, reflecting stronger external buffers and growing investor confidence.
Fitch also highlighted improvements in foreign exchange market normalisation, increased transparency in reserve management and sustained reforms by the Central Bank of Nigeria.
The agency projected that Nigeria’s economy would grow by 4.1 per cent in 2026, driven by exchange rate stability, stronger oil revenues, improved domestic refining capacity and expansion in non-oil sectors.
It further noted that inflation is expected to ease, continuing a gradual disinflation trend as reforms take hold.
Yusuf said the rating affirmation strengthens Nigeria’s international credit profile and reinforces investor confidence in the government’s economic direction.
“This affirmation underscores rising international confidence in Nigeria’s economic direction and validates the reform agenda of the administration,” he said.
Despite the positive outlook, Fitch maintained that the ‘B’ rating reflects existing vulnerabilities, including debt sustainability concerns and structural economic challenges.
However, the Stable Outlook indicates that ongoing fiscal and monetary reforms are helping to mitigate major downside risks and support economic recovery.
