The Fitch Ratings agency confirmed Nigeria's IDR to “B-” and revised the outlook for the issuer's long-term foreign currency default rating (IDR) from positive to stable.

The positive outlook reflects in part the reforms undertaken over the past year to support the restoration of macroeconomic stability and strengthen policy coherence and credibility. Fitch forecasts that the budget deficit will widen by 0.3 percentage points in 2024 to 4.5% of GDP (but 0.5 points lower than what we forecast in our last review). This is due to improved non-oil revenues and the partial removal of fuel subsidies, offset by the underperformance of oil profits by the Nigerian National Petroleum Corporation Limited (despite a potential improvement in oil production) and by higher payouts. eacute; s for debt service, personnel, and investments

Nigeria's “B-” IDRs also reflect key rating factors such as its large economy, its developed and liquid domestic debt market, and its extensive oil and gas reserves.