Current account surplus rises to 9.2% of GDP in 2024

April 14, 2025/CSL Research

Global credit rating agency Fitch has upgraded Nigeria’s long-term foreign currency issuer default rating from “B-” to “B” and revised the outlook from positive to stable. The upgrade reflects growing confidence in the government’s commitment to comprehensive policy reforms.

Notable among these are the liberalisation of the exchange rate, a more restrictive monetary policy to rein in inflation, and the gradual elimination of fuel subsidies and deficit financing through the central bank. The shift to a stable outlook indicates Fitch’s expectation that the current macroeconomic policy trajectory will continue to improve the functioning of the foreign exchange market and support sustained disinflation.

Click here to download full report: ​​​​CSL Nigeria Daily – 14 April 2025 – Economy.pdf​