{"id":136666,"date":"2024-11-03T08:16:17","date_gmt":"2024-11-03T07:16:17","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/fitch-rating-maintains-positive-outlook-for-nigeria-at-b"},"modified":"2024-11-03T09:25:19","modified_gmt":"2024-11-03T08:25:19","slug":"fitch-rating-maintains-positive-outlook-for-nigeria-at-b","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/fitch-rating-maintains-positive-outlook-for-nigeria-at-b","title":{"rendered":"Fitch Rating maintains positive outlook for Nigeria at B-"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>A global rating agency, Fitch Rating, has maintained a positive outlook for Nigeria, affirming the country\u2019s Long-Term Foreign Currency Issuer Default Rating at \u2018B-\u2019.<\/p>\n<p>The rating agency disclosed this in a statement at the weekend.<\/p>\n<p>Fitch Rating attributed its decision to the sustained economic reforms in Nigeria in recent months aimed at implementing fiscal management and policy consistency.<\/p>\n<p>However, the agency lamented the country\u2019s weak governance indicators, dependence on hydrocarbons, high inflation, which stood at 32.70 percent in September, and insecurity.<\/p>\n<p>\u201cNigeria\u2019s \u2018B-\u2019 rating is supported by its large economy, relatively developed and liquid domestic debt market, and large oil and gas reserves.<\/p>\n<p>\u201cThe rating is constrained by weak governance indicators relative to peers, high hydrocarbon dependence, weak net foreign-exchange reserves, high inflation, ongoing security challenges, and structurally low, albeit improving, non-oil revenue.<\/p>\n<p>\u201cThe positive outlook reflects progress in implementing reforms that improve policy coherence and credibility and reduce economic distortions and near-term risks to macroeconomic stability.<\/p>\n<p>\u201cThese include exchange rate liberalisation, monetary policy tightening, and efforts to restore fiscal discipline, including the absence of deficit monetization in recent months and phasing out fuel subsidies.<\/p>\n<p>\u201cThe subsequent rise in foreign portfolio investment inflows, greater formalisation of FX activity, and official FX inflows (USD48 billion in 1H24, compared with USD34 billion in 1H23) have supported the recovery in international reserves\u201d, the rating agency stated.<\/p>\n<p>Recall that in May 2024, the rating agency raised Nigeria\u2019s credit rating from stable to positive on the grounds of economic reforms.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. A global rating agency, Fitch Rating, has maintained a positive outlook for Nigeria, affirming the country\u2019s Long-Term Foreign Currency Issuer Default Rating at \u2018B-\u2019. The rating agency disclosed this in a statement at the weekend. Fitch Rating attributed its decision to the sustained economic reforms in Nigeria in recent months aimed at [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":136665,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[2584,254],"class_list":["post-136666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-fitch-rating","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fitch Rating maintains positive outlook for Nigeria at B- Nigeria<\/title>\n<meta name=\"description\" content=\"A global rating agency, Fitch Rating, has maintained a positive outlook for Nigeria, affirming the country\u2019s Long-Term F ...\" \/>\n<meta name=\"robots\" content=\"index, follow, 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