Fitch raises Nigeria’s credit score from stable to positive on Tinubu’s reforms
The economic reforms by the Bola Tinubu administration seem to be performing according to the indicators from foreign credit rating institutions.
President Tinubu since his assumption into office in May 2023 has embarked on reforms such as the removal of fuel and electricity subsidies including naira devaluation.
According to Reuters, due to the reforms, global ratings agency, Fitch, in a statement on Friday, revised Nigeria’s economic outlook from stable to positive.
The agency in the statement explained that “the reforms have reduced distortions stemming from previous unconventional monetary and exchange rate policies.”
Fitch however identified persistently high inflation and the unstable currency market as Nigeria’s significant short-term challenges.
Meanwhile, the agency acknowledged efforts by the Central Bank of Nigeria to address the challenges which included the raising of its monetary policy rate by 600 basis points earlier in the year and a directive to banks to raise their minimum capital to help enhance resilience and strengthen the country’s financial system.
Fitch thus stated the rating for Nigeria at “B-” within the junk territory.
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