Fitch revises Nigeria’s credit outlook to positive as reserves rise to $54.9bn

Nigeria’s foreign exchange reserves have risen to $54.9 billion, while easing inflation and economic reforms have prompted Fitch Ratings to revise the country’s credit outlook from stable to positive, signalling the possibility of an improved credit rating if the current economic trends are sustained. The Federal Government disclosed this following Fitch’s decision on October 9, 2026, to affirm Nigeria’s long-term issuer default rating at ‘B’ while upgrading its outlook to positive. The development reflects improving external buffers, greater flexibility in the naira exchange rate and progress in the government’s economic reform programme, according to a statement issued by Taiwo Oyedele, minister of finance and coordinating minister of the economy. Fitch reported that Nigeria’s gross foreign exchange reserves stood at $54.9 billion as of September 25, 2026, up from $32 billion in mid-April 2024. The increase was attributed to improved formal foreign exchange transactions, strong portfolio investment inflows, higher export receipts and remittances. The rating agency also projected a current account surplus equivalent to 6.4 per cent of gross domestic product in 2026, indicating an improvement in Nigeria’s external financial position. The Federal Government said the revised outlook reflected growing confidence in the sustainability of reforms, although the country must maintain the momentum to secure a possible future upgrade. A positive outlook does not amount to an immediate improvement in Nigeria’s credit rating but indicates that an upgrade could follow if economic and fiscal conditions continue to strengthen. Fitch’s assessment comes as the government seeks to translate macroeconomic adjustments into stronger investment, employment generation and improved living standards. On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The Federal Government disclosed this following Fitch’s decision on October 9, 2026, to affirm Nigeria’s long-term issuer default rating at ‘B’ while upgrading its outlook to positive. The development reflects improving external buffers, greater flexibility in the naira exchange rate and progress in the government’s economic reform programme, according to a statement issued by Taiwo Oyedele, minister of finance and coordinating minister of the economy. Fitch reported that Nigeria’s gross foreign exchange reserves stood at $54.9 billion as of September 25, 2026, up from $32 billion in mid-April 2024. The increase was attributed to improved formal foreign exchange transactions, strong portfolio investment inflows, higher export receipts and remittances. The rating agency also projected a current account surplus equivalent to 6.4 per cent of gross domestic product in 2026, indicating an improvement in Nigeria’s external financial position. The Federal Government said the revised outlook reflected growing confidence in the sustainability of reforms, although the country must maintain the momentum to secure a possible future upgrade. A positive outlook does not amount to an immediate improvement in Nigeria’s credit rating but indicates that an upgrade could follow if economic and fiscal conditions continue to strengthen. Fitch’s assessment comes as the government seeks to translate macroeconomic adjustments into stronger investment, employment generation and improved living standards. On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The development reflects improving external buffers, greater flexibility in the naira exchange rate and progress in the government’s economic reform programme, according to a statement issued by Taiwo Oyedele, minister of finance and coordinating minister of the economy. Fitch reported that Nigeria’s gross foreign exchange reserves stood at $54.9 billion as of September 25, 2026, up from $32 billion in mid-April 2024. The increase was attributed to improved formal foreign exchange transactions, strong portfolio investment inflows, higher export receipts and remittances. The rating agency also projected a current account surplus equivalent to 6.4 per cent of gross domestic product in 2026, indicating an improvement in Nigeria’s external financial position. The Federal Government said the revised outlook reflected growing confidence in the sustainability of reforms, although the country must maintain the momentum to secure a possible future upgrade. A positive outlook does not amount to an immediate improvement in Nigeria’s credit rating but indicates that an upgrade could follow if economic and fiscal conditions continue to strengthen. Fitch’s assessment comes as the government seeks to translate macroeconomic adjustments into stronger investment, employment generation and improved living standards. On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

Fitch reported that Nigeria’s gross foreign exchange reserves stood at $54.9 billion as of September 25, 2026, up from $32 billion in mid-April 2024. The increase was attributed to improved formal foreign exchange transactions, strong portfolio investment inflows, higher export receipts and remittances. The rating agency also projected a current account surplus equivalent to 6.4 per cent of gross domestic product in 2026, indicating an improvement in Nigeria’s external financial position. The Federal Government said the revised outlook reflected growing confidence in the sustainability of reforms, although the country must maintain the momentum to secure a possible future upgrade. A positive outlook does not amount to an immediate improvement in Nigeria’s credit rating but indicates that an upgrade could follow if economic and fiscal conditions continue to strengthen. Fitch’s assessment comes as the government seeks to translate macroeconomic adjustments into stronger investment, employment generation and improved living standards. On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The increase was attributed to improved formal foreign exchange transactions, strong portfolio investment inflows, higher export receipts and remittances. The rating agency also projected a current account surplus equivalent to 6.4 per cent of gross domestic product in 2026, indicating an improvement in Nigeria’s external financial position. The Federal Government said the revised outlook reflected growing confidence in the sustainability of reforms, although the country must maintain the momentum to secure a possible future upgrade. A positive outlook does not amount to an immediate improvement in Nigeria’s credit rating but indicates that an upgrade could follow if economic and fiscal conditions continue to strengthen. Fitch’s assessment comes as the government seeks to translate macroeconomic adjustments into stronger investment, employment generation and improved living standards. On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The rating agency also projected a current account surplus equivalent to 6.4 per cent of gross domestic product in 2026, indicating an improvement in Nigeria’s external financial position. The Federal Government said the revised outlook reflected growing confidence in the sustainability of reforms, although the country must maintain the momentum to secure a possible future upgrade. A positive outlook does not amount to an immediate improvement in Nigeria’s credit rating but indicates that an upgrade could follow if economic and fiscal conditions continue to strengthen. Fitch’s assessment comes as the government seeks to translate macroeconomic adjustments into stronger investment, employment generation and improved living standards. On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The Federal Government said the revised outlook reflected growing confidence in the sustainability of reforms, although the country must maintain the momentum to secure a possible future upgrade. A positive outlook does not amount to an immediate improvement in Nigeria’s credit rating but indicates that an upgrade could follow if economic and fiscal conditions continue to strengthen. Fitch’s assessment comes as the government seeks to translate macroeconomic adjustments into stronger investment, employment generation and improved living standards. On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

A positive outlook does not amount to an immediate improvement in Nigeria’s credit rating but indicates that an upgrade could follow if economic and fiscal conditions continue to strengthen. Fitch’s assessment comes as the government seeks to translate macroeconomic adjustments into stronger investment, employment generation and improved living standards. On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

Fitch’s assessment comes as the government seeks to translate macroeconomic adjustments into stronger investment, employment generation and improved living standards. On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

On economic growth, the agency forecast that Nigeria’s real GDP would expand by 4.3 per cent in 2026, compared with four per cent in 2025. It expects growth to remain above four per cent in both 2027 and 2028, driven largely by non-oil activities. The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The agency also noted that crude oil production had met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026. Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

Increasing domestic refining capacity is expected to reduce imports of refined petroleum products and lower demand for foreign exchange, potentially easing pressure on the naira. Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

Inflation, another major concern for households and businesses, is projected to average 15.4 per cent in 2026, less than half its 2024 level. However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

However, the government acknowledged that inflation remains elevated compared with peer countries, while low public revenue and high debt-servicing costs continue to constrain fiscal operations. On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

On public finances, Fitch expects tax reforms to improve non-oil revenue mobilisation. It projects general government debt to average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries in the ‘B’ rating category. The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The agency also recognised the depth of Nigeria’s domestic debt market and the banking sector’s recapitalisation exercise, noting that many banks have capital adequacy ratios above 20 per cent, exceeding regulatory minimum requirements. The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The assessment comes amid a broader improvement in international investor sentiment towards Nigeria’s economy. According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

According to the finance ministry, all three major international credit rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August. Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

Separately, FTSE Russell restored Nigeria to Frontier Market status, effective September 21, 2026. The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The government said the decisions reflected a more favourable assessment of the country’s reform direction, although sustained implementation would be necessary to consolidate the gains. It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

It attributed the latest development to reforms introduced under President Bola Tinubu, including the removal of the petrol subsidy, the unification of the foreign exchange market and changes to the tax system. The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The administration said its medium-term ambition was to place Nigeria on a path towards investment-grade credit status, arguing that improved ratings could lower borrowing costs, attract private investment and support job creation. However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

However, the potential benefits will depend on whether improved macroeconomic indicators translate into lower business costs, stronger household purchasing power and increased productive investment. The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The government also identified revenue mobilisation, spending efficiency, budget implementation and transparent debt management as priorities for sustaining the improved outlook. It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

It said the implementation of new tax laws and more efficient tax administration would be central to expanding government revenue without relying excessively on borrowing. Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

Other priorities include maintaining a transparent, market-reflective foreign exchange regime, diversifying the economy beyond oil and supporting food security, small businesses, human development and decent employment. Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

Fitch indicated that sustained disinflation, continued implementation of reforms, further accumulation of external reserves and stronger non-oil revenue mobilisation could support additional positive rating action. The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

The Federal Government said it would continue implementing the reforms, maintaining that the ultimate objective was not simply to improve Nigeria’s international credit standing but to reduce the cost of capital, attract investment and expand economic opportunities. For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

For businesses, the key test will be whether stronger foreign exchange reserves, moderating inflation and improved access to investment translate into greater currency stability, more predictable operating costs and increased access to financing. For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share

For households, the impact will depend on whether these macroeconomic improvements eventually translate into more affordable goods and services, higher employment and better purchasing power. Related News Zenith Bank’s PBT rises to N637.6bn, pays N1.50 interim dividend Cristiano Ronaldo scores 980th goal on Al-Nassr return Cristiano Ronaldo suspended after Portugal camp walkout Share