After FTSE Russell Reclassification, Moody’s Upgrades Nigeria’s Outlook on Stronger External Position
*Stock market soars N1.38trn in one day *External reserves hit $53.30bn, rise $12.08bn in one year Nume Ekeghe and Kayode Tokede Nigeria’s economic and financial outlook received a fresh boost
Moody's Ratings has upgraded Nigeria's economic outlook from 'stable' to 'positive' following FTSE Russell's reclassification of the country as a Frontier Market. The upgrade is attributed to a stronger external position, robust current account surpluses, and better-than-expected economic growth. Nigeria's external reserves have risen to $53.30 billion, a $12.08 billion increase in the past year, while the current account surplus is projected to widen to 6.1% of GDP this year.
However, Moody's has retained Nigeria's B3 rating, citing significant fiscal pressures due to limited revenue-generating capacity and weak debt affordability.
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- NGX Group Welcomes FTSE Russell’s Confirmation of Nigeria’s Reclassification to Frontier Market Status thisdaylive.com
- Popoola Says FTSE Russell Reclassification Creates Opportunity to Deepen Nigeria’s Capital Market nairametrics.com
- FG welcomes reclassification of Nigeria to frontier market status premiumtimesng.com
- FTSE Russell reclassifies Nigeria to Frontier Market status businessday.ng
