Saturday, 09 December 2023 04:48

International Ratings Agency Moody's upgrades outlook on Nigeria to positive

Rate this item
(0 votes)

Ratings agency Moody's on Friday revised its outlook on Nigeria to positive from stable, citing possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts.

The agency also affirmed its "Caa1" long-term foreign currency and local currency issuer ratings.

President Bola Tinubu says he is seeking to boost growth and attract billions in new investment after taking charge of Africa's biggest economy, which is grappling with shortages of foreign exchange, low oil output and widespread insecurity.

Tinubu scraped a popular but costly fuel subsidy in May, removing exchange controls and ending a ban on some imports.

The reforms have been welcomed by investors, but unions say they led to soaring costs while inflation has been in double-digits in Nigeria since 2016, further eroding savings and incomes.

"These policy changes, and those potentially to come, have raised the prospects of a fiscal and external improvement in the country's credit profile," Moody's said in a statement.

Last month, Tinubu urged the National Assembly to approve $8.69 billion and 100 million euros ($107.47 million) for projects across infrastructure, agriculture, health, education, water supply, growth, security, employment generation, as well as financial management reforms.

Central Bank of Nigeria in November started clearing $7 billion outstanding foreign currency forwards in a bid to attract new dollar inflows and stabilise the naira, which has been weakening to record lows.

In August, S&P Global Ratings revised its outlook on Nigeria to stable from negative and affirmed its rating at 'B-/B'.

($1 = 0.9305 euros)

 

Reuters

March 16, 2025

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL)…
March 16, 2025

El-Rufai speaks further on Tinubu’s presidency, Chicago scandal, other issues

Former Kaduna State Governor Nasir El-Rufai has revealed that he and other political leaders were…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 16, 2025

Here’s the latest as Israel-Hamas war enters Day 527

Freed Israeli hostage speaks for the first time about his 505 days of surviving Hamas…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.