Nigeria pursuing reforms to boost sovereign credit rating, FG says

The federal government on Thursday said it is pursuing wide-ranging fiscal and economic reforms aimed at improving Nigeria’s sovereign credit rating, attracting investment and supporting long-term economic growth.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at the High-Level Debriefing Meeting on the Credit Ratings Needs Assessment Mission for Nigeria in Abuja.

Represented by the Permanent Secretary, Special Duties, Federal Ministry of Finance, Mohammed Sanusi, the minister said the Tinubu administration remained committed to building a stable and resilient economy through prudent fiscal management and sustained reforms.

He said the government had implemented measures to restore macroeconomic stability, improve public financial management, strengthen domestic revenue mobilisation and create a more conducive environment for private sector investment.

According to him, the Credit Ratings Needs Assessment Mission offered Nigeria an opportunity to better understand the expectations of international credit rating agencies while identifying areas requiring further policy attention.

Oyedele said the preliminary findings and recommendations from the assessment would support ongoing efforts to strengthen institutions, improve transparency and reinforce sound economic governance.

“The Federal Government remains committed to policies that promote fiscal discipline, sustainable debt management, and a stable investment climate. This assessment provides an important opportunity to measure our progress, address identified gaps, and further strengthen our reform agenda towards improved sovereign credit ratings,” he said.

The minister said the government’s objective extended beyond securing higher sovereign credit ratings, noting that stronger creditworthiness would expand access to investment, create greater fiscal space, stimulate economic activity and support the implementation of President Bola Tinubu’s Renewed Hope Agenda, including the target of building a $1 trillion economy by 2030.