Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Fitch revises Nigeria’s outlook to positive over economic reforms

    Fitch revises Nigeria’s outlook to positive over economic reforms

    May 5, 2024
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Abuja skyline

    Abuja — Global ratings agency Fitch revised Nigeria’s outlook on Friday to positive from stable, citing the country’s economic reforms under its new president.

    Since taking office about a year ago, President Bola Tinubu has embarked on sweeping reforms, including slashing costly petrol and electricity subsidies and devaluing the naira currency twice within a year to narrow the gap between the official and parallel market exchange rates.

    “The reforms have reduced distortions stemming from previous unconventional monetary and exchange rate policies,” the agency said in a statement.

    Moody’s and S&P also revised their outlook on Nigeria last year, citing the potential impact of reforms.

    Nigeria has grappled with anemic growth, dollar shortages, a mounting debt burden and widespread insecurity.

    However, Fitch noted significant short-term challenges such as persistently high inflation and the currency market that has yet to stabilize.

    The central bank has raised its monetary policy rate by 600 basis points since the start of the year to curb galloping inflation and asked banks to raise their minimum capital to help enhance resilience and strengthen the country’s financial system.

    The agency maintained the African country’s rating at “B-” within the junk territory.

    *Elisha Bala-Gbogbo & Sri Hari N S; Editing: Alan Barona – Reuters

    Related News

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    Nigeria commits $50m to Wholesale Impact Investment Fund

    ‘Nigeria’s $5bn oil-backed loan from Aramco delayed by oil price drop’

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    June 10, 2025

    Recovered funds boost student loans, credit access for civil servants – EFCC

    June 10, 2025

    Nigeria commits $50m to Wholesale Impact Investment Fund

    June 10, 2025

    OPEC head says oil demand will keep growing

    June 10, 2025

    ‘Shell’s decision on Phase 2 of LNG Canada will depend on other opportunities’

    June 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.