Moody’s has downgraded Afreximbank’s credit rating amid rising debt concerns in Ghana and Zambia.
Moody’s has revised Nigeria’s sovereign outlook from “stable” to “positive,” pointing to robust foreign exchange reserves and strong economic growth that improve the country’s resilience to external shocks. The country’s economy has benefited from rising crude prices driven by the Middle East conflict and increased refined fuel exports, which have widened its current account surplus. The ratings agency maintained Nigeria’s credit rating at B3, noting that fiscal pressures, weak debt affordability, and limited revenue generation remain significant constraints. The move follows similar optimism from other agencies: S&P upgraded Nigeria to “B” in May, while Fitch affirmed a “B” rating with a stable outlook in April. Meanwhile, the World Bank has also projected that Nigeria’s economy will grow by roughly 4.2% in 2026, aided by higher oil revenue, fiscal discipline, and tight monetary policy.