Fitch, a renowned global credit rating agency, has made a notable change to Nigeria’s economic outlook, upgrading it to positive. This positive revision, announced on Monday, follows the implementation of key reforms by the current administration. According to Fitch, the reforms have bolstered the nation’s monetary and exchange rate policies, leading to a substantial increase in foreign exchange reserves. As of October 10th, Nigeria’s foreign exchange reserves stood at a staggering $54.9 billion, up from $39.5 billion in December 2025. Fitch has affirmed Nigeria’s long-term foreign- and local-currency Issuer Default Ratings (IDRs) at ‘B’ with a Stable Outlook, indicating a lower credit risk but still a speculative grade. The positive outlook suggests that further upgrades could be on the horizon if the reform momentum continues. However, it’s important to note that the NNPC has not yet commented on when the LNG export facility, which is a significant contributor to foreign exchange earnings, began operating, casting a slight shadow of uncertainty over the country’s reserves. The revised outlook is a clear indication of Nigeria’s improving economic standing and is expected to boost investor confidence in the country.
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