Moody's Upgrades Nigeria's Rating to B3

Moody's Global Ratings has upgraded Nigeria's credit rating from Caa1 to B3, citing improvements in the country's external and fiscal positions. The agency observed a reduction in inflationary risks due to recent policy changes, with signs of easing in inflation and domestic borrowing costs. Moody's outlook for Nigeria has been revised from positive to stable, anticipating continued progress, although at a slower pace if oil prices decline. In comparison, Standard & Poor's rating for Nigeria remains at B- with a stable outlook.