The Federal Government has welcomed the latest credit rating upgrade by Moody’s Investors Service, which moved Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3 with a Stable Outlook.

The announcement was contained in a press statement issued on Saturday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.

Describing the development as a reflection of Nigeria’s improving macroeconomic stability and reform efforts, the government said the rating affirms international recognition of the country’s fiscal and structural adjustments under President Bola Tinubu.

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

The rating agency cited specific steps such as the unification of the foreign exchange market, the removal of fuel subsidies, increases in non-oil revenue, and recent moves by the Central Bank of Nigeria to restore credibility to monetary policy.

President Tinubu, responding to the news, reiterated his administration’s intention to continue implementing disciplined economic policies aimed at long-term stability and inclusive development.

“This upgrade signals to global investors and partners that Nigeria is back on a path of responsibility, reform, and renewed credibility,” Tinubu said. “It underscores our unwavering commitment to transparency, discipline, and prosperity for all Nigerians.”
The government anticipates that the improved rating will enhance Nigeria’s access to international capital markets, lower borrowing costs, and attract increased foreign direct investment—developments it believes will support broader economic recovery and job creation.

The statement added that the administration will sustain the reform agenda, including efforts to broaden the tax base, deepen the digital economy, and improve industrial productivity. It also reaffirmed its pledge to maintain social protection for the country’s most vulnerable populations.

“This positive rating reinforces global confidence in Nigeria’s future and represents a milestone in the Administration’s goal of restoring investor trust, unlocking economic potential, and securing long-term prosperity,” Tinubu added.