Moody’s on Friday revised Nigeria’s outlook to “positive” from “stable”, citing the country’s improved ability to withstand external shocks due to its increased foreign exchange reserves and stronger-than-expected economic growth.
Africa’s third-largest economy, a major oil producer, has benefitted from a surge in crude prices due to the Middle East conflict and a ramp-up in refined petroleum product exports, boosting the country’s current account surplus.
Moody’s said it expects the West African nation’s surplus “to remain sizeable even under materially lower oil prices.” Related News Nigeria’s tier-two banks become more efficient, but asset quality remains a concern Tinubu orders forensic audit of IPPIS, federal agencies over ‘fake’ entities Nigeria’s power subsidy hits N1.93tn as DisCos lose 37% electricity value
The World Bank has projected Nigeria’s economic expansion at about 4.2% in 2026, and has said stronger oil revenue, fiscal discipline and tight monetary policy could help strengthen macroeconomic stability and contain inflation.
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