FG: Moody’s Change of Nigeria’s Outlook to Positive a Reflection of Positive Impact of Reforms
The federal government has welcomed Moody’s Ratings’ decision to revise Nigeria’s outlook from stable to positive while retaining the country’s long-term foreign- and local-currency ratings at B3.
The decision, announced by Moody’s on Friday, means the agency does not consider Nigeria’s current credit rating to have deteriorated and sees conditions that could support an upgrade if the country’s economic reforms continue to deliver results.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said in a statement yesterday that the decision reflected the impact of economic reforms implemented by the federal government over the past three years.
A positive outlook generally signals that a rating upgrade could be considered within the medium term if the factors underpinning the improved assessment are sustained.
