The possible reversal of the deterioration in Nigeria’s fiscal and external position as a result of the government’s reform effort has spurred global rating agency, Moody’s Investors Service (Moody’s) which has moved Nigeria’s credit outlook from stable to positive.
This development was announced by the credit rating firm in a statement on Friday, December 8, 2023.
Moody’s pointed out government steps, such as devaluing the naira and removing a substantial part of the oil subsidy as key indicators for the upgrade from stable to positive.
