President Bola Tinubu has warmly welcomed Moody’s Investors Service’s recent decision to upgrade Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, accompanied by a Stable Outlook. This upgrade marks a significant improvement in the country’s creditworthiness on the global stage.
In a statement released on Saturday and signed by his Special Adviser on Media and Publicity, Bayo Onanuga, President Tinubu emphasized the symbolic importance of this development. “This upgrade signals to global investors and partners that Nigeria is back on a path of responsibility, reform, and renewed credibility,” he said.
The President described the rating enhancement as a “significant vote of confidence” in Nigeria’s economic direction and ongoing reform agenda. He highlighted that the upgrade “underscores our unwavering commitment to transparency, discipline, and prosperity for all Nigerians.”
According to Moody’s, the improved rating reflects Nigeria’s “more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.” These reforms include unifying the foreign exchange market, removing fuel subsidies, boosting non-oil revenue, and restoring monetary policy credibility through the Central Bank of Nigeria.
President Tinubu reaffirmed his administration’s resolve to sustain prudent economic management while promoting inclusive growth. He noted that the upgrade is expected to facilitate better access to international capital markets, reduce borrowing costs, and attract foreign direct investment, thereby accelerating economic revitalisation and job creation.
The Federal Government remains committed to broadening the tax base, deepening the digital economy, enhancing industrial productivity, and supporting vulnerable populations through targeted social protection programmes.
“This positive rating reinforces global confidence in Nigeria’s future and represents a milestone in the Administration’s goal of restoring investor trust, unlocking economic potential, and securing long-term prosperity,” Tinubu concluded.
