President Bola Ahmed Tinubu’s economic reform programme has received another positive assessment, with Moody’s Ratings revising Nigeria’s credit outlook from stable to positive while affirming the country’s sovereign rating at B3.
The rating agency attributed the improved outlook to stronger-than-expected economic growth, improved external buffers and greater macroeconomic stability.
Moody’s also projected that rising oil production would support Nigeria’s economic growth in 2026 and 2027, potentially strengthening the country’s resilience to external shocks.
According to analysts Jorge Velez and Matt Robinson, sustained economic growth could improve Nigeria’s ability to absorb external pressures, strengthen economic resilience and gradually increase government revenue.
The analysts noted that the positive outlook places Nigeria closer to a potential credit-rating upgrade and reflects progress in the government’s fiscal consolidation efforts and broader economic reforms.
Despite the improved outlook, Moody’s retained Nigeria’s B3 rating, which remains six levels below investment grade.
The latest assessment represents a positive development for the Tinubu administration, as the government continues to pursue reforms aimed at strengthening public finances, improving macroeconomic stability, boosting oil production and creating conditions for sustainable economic growth.
The positive outlook also signals increased confidence in Nigeria’s ability to maintain the reform trajectory and strengthen its financial position over the medium term.
