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Nigeria's Economic Reforms Spark Optimism, Fitch Upgrades Outlook

© AP Photo / Emmanuel OsodiBola Ahmed Tinubu, Presidential candidate of the All Progressives Congress, Nigeria ruling party speaks during the flag off campaign ahead of the 2023 Presidential election in Jos, Nigeria, Tuesday, Nov. 15, 2022.
Bola Ahmed Tinubu, Presidential candidate of the All Progressives Congress, Nigeria ruling party speaks during the flag off campaign ahead of the 2023 Presidential election in Jos, Nigeria, Tuesday, Nov. 15, 2022. - Sputnik Africa, 1920, 04.05.2024
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President Bola Tinubu's administration, in office for roughly a year, has implemented bold economic reform measures such as eliminating fuel and electricity subsidies and adjusting the naira currency's exchange rate.
Global ratings agency Fitch has revised Nigeria's economic outlook from stable to positive, reflecting growing confidence in the country's trajectory following a series of impactful reforms.
"The reforms have reduced distortions stemming from previous unconventional monetary and exchange rate policies," the agency said in a statement on Friday.
This improved outlook aligns with similar revisions by rating agencies Moody's and S&P, further highlighting the potential of Nigeria's reform agenda.
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While challenges remain, including high inflation and currency market instability, Fitch recognized the government's commitment to addressing these issues.
The Nigerian central bank's efforts to curb inflation through interest rate hikes and strengthen the financial system by increasing minimum capital requirements for banks demonstrate a proactive approach to economic stabilization.
Despite maintaining Nigeria's rating at 'B-', Fitch's positive outlook signifies a turning point for the African nation as it tackles long-standing economic hurdles and sets the stage for sustainable growth.
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