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Moody’s Upgrades Nigeria to B3
June 2, 2025
Nigeria’s long-term foreign currency and local currency issuer ratings were upgraded to B3 from Caa1 by Moody’s on Friday. The upgrade reflects recent improvements in Nigeria’s external and fiscal positions. Fiscal consolidation is driven by improved tax collection and the elimination of oil subsidies. This has resulted in a primary balance surplus of 0.8% of GDP in 2024 versus a deficit of 2.6% in 2022. Additionally, the Central Bank of Nigeria (CBN) has increased net reserves to $23bn from $8bn in two years by repaying external liabilities. Earlier in May, Nigeria had repaid $3.4bn IMF loan which it had received under RFI in April 2020.
Nigeria dollar 8.747% 2031s were up by 0.1 point at 96.588, yielding 9.54%.
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