Moody’s Changes Nigeria’s Outlook to Positive as Economic Confidence Rises

Lagos, Nigeria: Nigeria has received a boost from international credit rating agency Moody’s after the agency changed the country’s economic outlook from stable to positive.

Moody’s pointed to improvements in Nigeria’s external position, including stronger foreign exchange reserves and better-than-expected economic growth.

The agency, however, maintained Nigeria’s sovereign rating at B3, meaning major economic and fiscal challenges remain.

Nigeria continues to face pressure from limited government revenue, debt affordability concerns and other structural problems.

Still, the positive outlook could help strengthen international investor confidence in Africa’s largest economy.

Moody’s expects Nigeria’s economic resilience to remain supported by improvements in its external position and economic reforms.