Fitch Ratings has revised Nigeria’s long-term issuer default rating outlook to Positive from Stable, while affirming the country’s rating at ‘B’. The upgrade in outlook is driven by significantly stronger foreign exchange reserves, ongoing economic reforms, and a downward trend in inflation.

Fitch highlighted that gross foreign exchange reserves reached $54.9 billion by late September 2026, supported by improved oil production and the domestic refining ramp-up. While the agency expects GDP growth to accelerate to 4.3% in 2026, it warned that fiscal pressures and high debt-servicing costs continue to weigh on the sovereign credit profile. CBN Governor Olayemi Cardoso confirmed the improved external position, noting that net reserves have climbed to $46 billion, bolstering investor confidence.