Nigeria's Credit Rating Outlook Shifted to Positive by Fitch
Fitch Ratings upgraded Nigeria's credit rating outlook from Stable to Positive on 9 October 2026, keeping the long‑term foreign‑currency issuer rating at B.
In Brief
- •Fitch Ratings upgraded Nigeria's credit rating outlook from Stable to Positive on 9 October 2026, keeping the long‑term foreign‑currency issuer rating at B.
- •Nigeria's foreign‑exchange reserves rose to $54.9 billion by 25 September 2026, up from $32 billion in mid‑April 2024.
- •Fitch projects a 6.4 % current‑account surplus and 4.3 % GDP growth for 2026, with inflation expected at 15.4 % that year.
- •The government cites increased reserves, easing inflation, and non‑oil growth as drivers of the outlook change.
Why It Matters
The upgrade signals growing confidence in Nigeria’s economic reforms and external position, potentially easing borrowing costs and attracting foreign investment. It also reflects the government's focus on strengthening non‑oil sectors and fiscal discipline, which could underpin sustained growth and improve living standards.
Key Details
- Fitch Outlook Revision Date
- 9 October 2026
- Foreign Exchange Reserves (Sept 2026)
- $54.9 billion
- Projected Current‑Account Surplus (2026)
- 6.4 % of GDP
- Projected GDP Growth (2026)
- 4.3 %
- Projected Inflation (2026)
- 15.4 %
- Long‑term Rating
- B
Context & Background
Fitch’s rating change follows a May 2026 upgrade by S&P Global Ratings and an August 2026 outlook shift by Moody’s, marking a series of positive assessments for Nigeria’s credit profile.
Original Reporting & Sources
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