‎Abuja-Nigeria

‎Fitch Ratings has revised Nigeria’s outlook to Positive from Stable and affirmed its long-term rating at B.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced this in a statement issued on Saturday in Abuja.

‎He said the revision followed rising foreign reserves and ongoing economic reforms.

He said gross reserves rose to 54.9 billion dollars as of September 25, 2026, up from 32 billion dollars in mid-April 2024.

He said a Positive outlook signals a possible rating upgrade if current trends continue.

‎Fitch said the action reflects reform of Nigeria’s policy framework and growing confidence that reform momentum will continue.

The agency linked improved reserves to increased formalisation of foreign exchange transactions, strong portfolio inflows and higher export receipts and remittances.

‎It said better reserve quality has strengthened resilience to external shocks and projected a current account surplus of 6.4 percent of GDP in 2026.

‎Fitch also cited greater naira flexibility and disinflation, forecasting real GDP growth of 4.3 percent in 2026, up from 4 percent in 2025.

‎It expects inflation to ease to 15.4 percent in 2026, less than half its 2024 level, while general government debt will average 32 percent of GDP from 2026 to 2028.

Oyedele said all three major rating agencies have taken positive steps on Nigeria in 2026, with S and P Global upgrading Nigeria to B in May and Moody’s revising outlook to Positive in August.