Moody’s upgrade seen as support for Tinubu’s economic policies
The Federal Government says Moody’s Ratings’ decision to revise Nigeria’s credit outlook from stable to positive is proof that the reforms of President Bola Tinubu are working. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, highlighted the impact of recent reforms such as subsidy removal and exchange-rate changes. The government aims to move Nigeria towards investment-grade status. Officials stress that these reforms are meant to attract investment and improve prosperity, not just boost ratings.
What we know
- Taiwo Oyedele said Moody’s positive outlook validates the government’s economic reforms, including fuel subsidy removal, exchange-rate unification, and tax reforms.
- The Federal Ministry of Finance reported Nigeria’s gross external reserves had risen to $53.30bn as of August 26, according to Central Bank of Nigeria data.
- Headline inflation dropped to 15.4 per cent in July 2026 from 25.3 per cent a year earlier, according to the ministry.
- S&P Global Ratings upgraded Nigeria’s credit rating to B from B- in May 2026, citing improvements in the country’s external position and economic reforms.
- The government’s medium-term goal is to achieve investment-grade status, requiring sustained improvements in revenue, spending efficiency, and debt affordability.
