Tinubu lauds moody’s upgrade of Nigeria’s foreign-currency rating

President Bola Tinubu has commended Moody’s Investors Service’s recent upgrade of Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, with a Stable Outlook.

Tinubu described the upgrade as a significant vote of confidence in the country’s economic direction and ongoing reform agenda.

He stated that the upgrade reflects growing international recognition of Nigeria’s progress in stabilising its macroeconomic environment, enhancing fiscal transparency, improving debt sustainability, and implementing market-oriented reforms under his leadership.

According to Moody’s, the improved rating is based on “a more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.”

This includes measures taken to unify the foreign exchange market, remove fuel subsidies, increase non-oil revenue, and restore credibility to monetary policy through the Central Bank of Nigeria’s actions.

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Reacting to the development, Tinubu, in a statement issued by his spokesman, Bayo Onanuga, on Saturday, May 31, 2025, reaffirmed his administration’s resolve to maintain prudent economic management while fostering inclusive growth.

Tinubu said: “This upgrade signals to global investors and partners that Nigeria is back on a path of responsibility, reform, and renewed credibility.

“It underscores our unwavering commitment to transparency, discipline, and prosperity for all Nigerians.”

The upgrade is expected to enhance Nigeria’s access to international capital markets, reduce borrowing costs, and attract foreign direct investment, further accelerating economic revitalisation and job creation.

The Star