President Tinubu Hails Moody’s Credit Rating Upgrade as a Renewed Signal of Economic Reform and Investor Confidence
President Bola Ahmed Tinubu has warmly welcomed Moody’s Investors Service’s recent upgrade of Nigeria’s long-term foreign-currency issuer rating from Caa1 to B3, accompanied by a Stable Outlook.
The upgrade, which was announced by Moody’s, is a reflection of Nigeria’s improving economic fundamentals and the government’s commitment to reform.
In a statement issued on Saturday by his Special Adviser on Media and Publicity, Bayo Onanuga, President Tinubu described the development as “a significant vote of confidence in the country’s economic direction and ongoing reform agenda.” The statement was titled ‘Moody’s upgrade of Nigeria’s credit rating, a positive signal to investors: President Tinubu’.
According to the President, “This upgrade signals to global investors and partners that Nigeria is back on a path of responsibility, reform, and renewed credibility.” He noted that the revised rating highlights the growing international recognition of Nigeria’s efforts under his leadership to stabilize the macroeconomic environment, enhance fiscal discipline, improve debt sustainability, and drive market-oriented reforms.
President Tinubu emphasized that the upgrade was not just a reflection of improved statistics but a result of deliberate, strategic actions aimed at transforming the economy. “It underscores our unwavering commitment to transparency, discipline, and prosperity for all Nigerians,” he stated.
Moody’s Investors Service, in its assessment, cited key factors for the improved rating. These include Nigeria’s more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.
Among the notable reforms acknowledged are the unification of the foreign exchange market, removal of fuel subsidies, increase in non-oil revenue, and the restoration of monetary policy credibility through proactive steps taken by the Central Bank of Nigeria (CBN).
Reacting further, President Tinubu reaffirmed the administration’s commitment to prudent economic management while also ensuring inclusive growth across all sectors of society. He stressed that the reform momentum would be sustained, with continued efforts to strengthen the economy’s resilience and position Nigeria as a preferred destination for investment.
The President highlighted that the upgrade is expected to have practical economic benefits, such as enhancing Nigeria’s access to international capital markets, reducing borrowing costs, and attracting foreign direct investment. These benefits are anticipated to accelerate the country’s economic revitalization, boost job creation, and stimulate sustainable development.
Looking ahead, President Tinubu reiterated that his administration would continue implementing far-reaching reforms. These include broadening the tax base, deepening the digital economy, increasing industrial productivity, and strengthening social protection programmes to support the most vulnerable segments of the population.
“This positive rating reinforces global confidence in Nigeria’s future,” the President concluded. “It represents a milestone in the Administration’s goal of restoring investor trust, unlocking economic potential, and securing long-term prosperity for all citizens.”