https://en.sputniknews.africa/20240504/nigerias-economic-reforms-spark-optimism-fitch-upgrades-outlook-1066362925.html
Nigeria's Economic Reforms Spark Optimism, Fitch Upgrades Outlook
Nigeria's Economic Reforms Spark Optimism, Fitch Upgrades Outlook
Sputnik Africa
President Bola Tinubu's administration, in office for roughly a year, has implemented bold economic reform measures such as eliminating fuel and electricity... 04.05.2024, Sputnik Africa
2024-05-04T14:33+0200
2024-05-04T14:33+0200
2024-05-04T14:33+0200
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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.This improved outlook aligns with similar revisions by rating agencies Moody's and S&P, further highlighting the potential of Nigeria's reform agenda.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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economy, politics, bola tinubu, nigeria, economic growth, west africa
Nigeria's Economic Reforms Spark Optimism, Fitch Upgrades Outlook
Muhammad Nooh Osman
Writer/Editor
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.
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.
