A positive step is Moody’s decision to raise Nigeria’s credit rating. — Bilabu

The recent improvement of Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, with a Stable Outlook, has generated enthusiasm within the federal government, according to Moody’s Investors Service.
A strong vote of confidence in the country’s economic orientation and ongoing reform agenda, according to the presidency.

In a statement, President Bola Tinubu’s media aide Bayo Onanuga said that the upgrade shows how the world is starting to take notice of Nigeria’s efforts to stabilise its economy, make its finances more transparent, make its debt more manageable, and introduce market-oriented reforms.

A more robust fiscal position, stronger external accounts, and the government’s shown dedication to macroeconomic and structural reforms are the reasons behind the higher rating, according to Moody’s.

These steps include the elimination of fuel subsidies, the increase of non-oil revenue, the unification of the foreign exchange market, and the restoration of credibility to monetary policy through the acts of the Central Bank of Nigeria.

In light of the news, President Tinubu reiterated the administration’s commitment to responsible fiscal management and the promotion of inclusive growth.

Investors and partners around the world will see this upgrading as a sign that Nigeria is taking responsibility, reforming, and is now credible again. “It highlights our steadfast dedication to openness, order, and success for every Nigerian,” the president stated.

Expected benefits of the improvement include easier access to global finance markets, lower borrowing costs, and increased FDI, all of which should hasten the economic revival and the creation of new jobs in Nigeria.

Maintaining the reform momentum and fortifying the Nigerian economy’s resilience are ongoing commitments of the Federal Government. We will keep working to increase industrial productivity, broaden the tax base, strengthen the digital economy, and provide social safety programs to the most needy.

“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 remarked.