{"id":160588,"date":"2025-04-28T10:40:32","date_gmt":"2025-04-28T09:40:32","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/fitch-upgrades-four-nigerian-states-investment-rating"},"modified":"2025-04-28T19:15:32","modified_gmt":"2025-04-28T18:15:32","slug":"fitch-upgrades-four-nigerian-states-investment-rating","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating","title":{"rendered":"Fitch upgrades four Nigerian states\u2019 investment rating"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>Fitch Ratings has upgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings of Kaduna, Kogi, Lagos, and Oyo states from \u2018B-\u2019 to \u2018B.\u2019.<\/p>\n<p>The upgrade reflects improved macroeconomic stability and recent policy reforms in Nigeria.<\/p>\n<p>The global ratings agency, Fitch, announced the development on its website at the weekend, noting that the outlook for all four states remains stable.<\/p>\n<p>According to Fitch, the rating action follows the upgrade of Nigeria\u2019s sovereign credit rating from \u2018B-\u2019 to \u2018B\u2019 on April 11, 2025.<\/p>\n<p>The agency explained that in line with its rating criteria, the sovereign rating upgrade has been mirrored in the states, given the predominant role of the federal government in Nigeria\u2019s intergovernmental fiscal framework.<\/p>\n<p>\u201cWe consider the federal government\u2019s role to be predominant in intergovernmental relations, as it controls the equalisation mechanism enacted through a system of transfers to states.<\/p>\n<p>\u201cTherefore, the upgrade of sovereign IDRs is mirrored in the upgrade of those of Kaduna, Kogi, Lagos, and Oyo, as their Standalone Credit Profiles align with or are above the ratings of Nigeria,\u201d Fitch stated.<\/p>\n<p>The agency identified several key drivers behind the revised projections for the four states, including a steeper depreciation of the naira, expected to exceed N1,500 to the dollar between 2024 and 2028, and a trend of high but gradually declining inflation, which stood at 24.23 percent in March.<\/p>\n<p>It also noted an increase of over 20 percent in federal VAT and oil-related transfers to the states in 2024, providing critical financial support.<\/p>\n<p>In reaction, the governor of Lagos State, Babajide Sanwo-Olu, lauded the recent upgrade of Lagos State\u2019s credit rating by Fitch Ratings, describing it as a testament to the strength of his administration\u2019s policies and execution.<\/p>\n<p>\u201cThis is a good verdict on our performance in terms of policy decisions and project execution. It is also a call for us to be more active; we will be in every sector. I thank Lagosians for their support,\u201d Sanwo-Olu said.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Fitch Ratings has upgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings of Kaduna, Kogi, Lagos, and Oyo states from \u2018B-\u2019 to \u2018B.\u2019. The upgrade reflects improved macroeconomic stability and recent policy reforms in Nigeria. The global ratings agency, Fitch, announced the development on its website at the weekend, noting that the [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":160587,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[15793,254],"class_list":["post-160588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-fitch","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 upgrades four Nigerian states\u2019 investment rating - Nigeria<\/title>\n<meta name=\"description\" content=\"Fitch Ratings has upgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings of Kaduna, Kogi, Lagos, and ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch upgrades four Nigerian states\u2019 investment rating\" \/>\n<meta property=\"og:description\" content=\"Fitch Ratings has upgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings of Kaduna, Kogi, Lagos, and ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-28T09:40:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-28T18:15:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/04\/sm_1745824348.968329.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Fitch upgrades four Nigerian states\u2019 investment rating\",\"datePublished\":\"2025-04-28T09:40:32+00:00\",\"dateModified\":\"2025-04-28T18:15:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating\"},\"wordCount\":340,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/04\/sm_1745824348.968329.jpg\",\"keywords\":[\"Fitch\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fitch-upgrades-four-nigerian-states-investment-rating\",\"name\":\"Fitch upgrades four Nigerian states\u2019 investment rating - 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