By bloomberg.com/news/articles/…
(Flowerbudnews): Nigeria’s credit rating outlook has been lifted by Fitch Ratings to positive from stable, six months after it said that reform progress since President Bola Tinubu came to power in May of last year was faster than it anticipated, reports Anthony Osae-Brown for Bloomberg
“The Positive Outlook partly reflects reforms over the last year to support the restoration of macroeconomic stability and enhance policy coherence and credibility,” Fitch said in a statement on Friday. It affirmed Nigeria’s long-term foreign-currency issuer default rating at B-.
“The ratings firm had earlier expressed concerns that weak governance, security challenges, high inflation, structurally low non-oil revenue, high hydrocarbon dependence, and weakness in the exchange-rate framework would constrain economic growth in the West African nation.
Yet, it also expressed optimism that Tinubu would carry out market-friendly reforms, in contrast to predecessors who pursued unorthodox policies that deterred investment”.
bloomberg.com/news/articles/…
