Fitch Affirms Nigeria's Credit Rating, Raises Concerns Over Forex Loan

Fitch Ratings has affirmed Nigeria's 'B-' rating with a stable outlook, citing the ongoing reforms introduced by President Bola Tinubu's administration. The agency expects a partial recovery in oil production and projects moderate sovereign external debt service. The pace of reform progress has exceeded expectations, with the government eliminating fuel subsidies and streamlining exchange rate windows.