Moody’s upgrades Nigeria’s outlook to “positive” on stronger external buffers
Arnold Dublin-Green, MD/CEO of Renaissance Asset Management, told PREMIUM TIMES last month that Nigeria’s reclassification could help draw a potential $800 million in foreign inflows into the equity market in the best-case scenario.
Global credit ratings agency Moody’s has revised its outlook for Nigeria upwards to “positive” from stable in response to the country’s improved external position, especially its foreign exchange reserves.
The upgrade in outlook is a further positive for Nigeria after FTSE Russell, which provides benchmark solutions and markets stock market indices globally, confirmed on Thursday the country’s reclassification to a frontier market with effect from next month.
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