Fitch Gives Nigeria a Positive Outlook as Reforms Boost Reserves and Investor Confidence

Fitch Ratings has revised Nigeria’s outlook to positive while affirming its “B” sovereign rating. The agency cited policy reforms, stronger external buffers and expectations that the current reform direction will continue beyond the 2027 elections. Nigeria’s gross foreign reserves have risen to $54.9 billion, while the Central Bank says net reserves increased from about $4 billion at the end of 2023 to $34.8 billion by the end of 2025. Fitch also expects the current-account surplus to reach 6.4% of GDP this year. The agency projects inflation will ease to an average of 15.4% this year, while economic growth could reach 4.3% in 2026. It noted improved oil production, lower dependence on imported fuel and stronger bank capital positions as positive developments. Fitch said continued progress on inflation, reserves and government revenue could support a future rating upgrade. However, the outlook remains dependent on sustained reforms and economic stability.

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