Nigeria: Fitch Turns Positive On Nigeria, Crowning Tinubu's Economic Turnaround

What the report says

Fitch Ratings has revised Nigeria’s outlook from stable to positive while affirming its long-term credit rating at “B,” according to a report distributed by AllAfrica from InfoWire. The move, announced on 9 October, was presented as a sign that an upgrade could follow if current trends continue. The report links the change to President Bola Tinubu’s economic program, which began after he took office in 2023.

The article says Nigeria has moved away from conditions that had weighed on investor confidence, including multiple exchange rates, fuel subsidies and foreign-currency shortages. It points to stronger external reserves, a current account surplus and a more stable currency environment as evidence of progress. The piece also says inflation is easing and growth is expected to improve, with the non-oil economy playing a larger role. It adds that Nigeria’s banking sector has raised fresh capital under new requirements, while oil output and the Dangote refinery are supporting a better energy picture.

More broadly, the report frames Nigeria as one of Africa’s notable reform stories and says the country is regaining credibility with international investors. It notes that Fitch sees continued progress on inflation, reserves and revenue as important for any future upgrade. The government’s next focus, according to the article, is tax reform aimed at lifting non-oil revenue. As background, credit rating changes matter because they can influence borrowing costs, investor sentiment and access to external finance.