FG says Moody’s positive outlook validates Nigeria’s economic reforms

The Federal Government has welcomed Moody’s Ratings’ decision to revise Nigeria’s sovereign credit outlook from ‘stable’ to ‘positive’, describing the move as external validation of the Tinubu administration’s macroeconomic and fiscal reforms.

The Federal Ministry of Finance disclosed this in a statement issued on Saturday, August 29, 2026, following Moody’s announcement on Friday, August 28, and signed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

Moody’s affirmed Nigeria’s long-term foreign and local currency issuer ratings at B3 while revising the country’s outlook to positive, citing improvements in its external position, foreign exchange market, reserves and monetary policy transmission.

The rating action comes after several years of economic reforms by the Federal Government, including the removal of the fuel subsidy, exchange-rate unification and tax reforms.

What they are saying

The Federal Government said Moody’s decision reflects the progress made in strengthening Nigeria’s external position, with the ratings agency pointing to current account surpluses, rising foreign exchange reserves, improved functioning of the foreign exchange market and more effective monetary policy transmission.

• “Moody’s positive outlook is an important external validation of the difficult but necessary reforms this administration has implemented, from removing a costly and inequitable fuel subsidy to unifying the exchange rate, and the landmark tax reforms,” Oyedele said.

Oyedele added that the government’s medium-term objective is to place Nigeria on a path towards investment-grade status, which would require further improvements in domestic revenue mobilisation, spending efficiency and debt affordability.

• “Our medium-term ambition is to place Nigeria firmly on the path to investment grade. That will require us to sustain the external gains Moody’s has recognised, while making faster progress on domestic revenue mobilisation, spending efficiency, and debt affordability,” the Minister said.

(Nairametrics)