Fitch Affirms Nigeria's 'B-' Rating; Cites Reforms Under Tinubu But Macro Challenges Remain
-
Fitch Ratings affirms Nigeria's 'B-' rating with a stable outlook, citing ongoing reforms under President Bola Tinubu.
-
Reforms include eliminating fuel subsidies, streamlining exchange rates, and efforts to address FX shortages.
-
However, FX gaps remain, exerting pressure on the economy and deterring foreign capital.
-
Fitch projects moderate external debt service, partial oil production recovery, and narrowing budget deficits.
-
Macroeconomic challenges persist, with GDP growth decelerating in 2023 before rebounding in 2024 driven by services and oil.