News
Just In: Titch Upgrades Nigeria’s Outlook to Positive, Cites Stronger Revises and Economic Reform
Just In: Titch Upgrades Nigeria’s Outlook to Positive, Cites Stronger Revises and Economic Reform
The Federal Government notes the decision by Fitch Ratings on October 9, 2026 to revise the Outlook on Nigeria’s Long-Term Issuer Default Ratings to Positive from Stable, while affirming the ratings at ‘B’. A Positive Outlook signals that the rating could be raised if current trends are sustained. Fitch said the action reflects ongoing reform of Nigeria’s policy framework and its increased confidence that reform momentum will be sustained.
Eereporter.com
Fitch attributed the improved outlook to greater naira flexibility, disinflation and faster-than-expected accumulation of foreign exchange reserves. Gross reserves stood at USD54.9 billion on September 25, 2026, up from USD32 billion in mid-April 2024, supported by increased formalisation of foreign exchange transactions, strong portfolio inflows, and higher export receipts and remittances. The agency noted that improved reserve quality has strengthened Nigeria’s resilience to external shocks, and it projects a current account surplus of 6.4 per cent of GDP in 2026.
Fitch also pointed to improving performance in the real economy. It forecasts real GDP growth of 4.3 per cent in 2026, up from 4 per cent in 2025, and expects growth to remain above 4 per cent in 2027 and 2028, led by non-oil activity.
Crude oil production has met Nigeria’s OPEC target of 1.5 million barrels per day since May 2026, while the ramp-up of domestic refining is reducing refined product imports and demand for foreign exchange. Average inflation is forecast to moderate to 15.4 per cent in 2026, less than half its 2024 level.
On public finances and the financial sector, Fitch expects tax reforms to lift non-oil revenue to GDP ratio. It projects general government debt to average 32 per cent of GDP over 2026 to 2028, well below the ‘B’ median of 56 per cent. The agency also recognised Nigeria’s liquid domestic debt market and the bank recapitalisation exercise, with many banks at capital adequacy ratios above 20 per cent, well above regulatory minimums.
With this action, all three major international rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria to ‘B’ from ‘B-‘ in May, and Moody’s Ratings revised its outlook to Positive in August. Separately, FTSE Russell returned Nigeria to Frontier Market status with effect from September 21, 2026. Taken together, these decisions reflect a converging and increasingly favourable assessment of Nigeria’s reform trajectory.
Fitch’s Positive Outlook further validates the difficult but necessary reforms implemented under the leadership of President Bola Ahmed Tinubu, GCFR, from removing a costly and inequitable fuel subsidy to unifying the exchange rate and the landmark tax reforms. Our medium-term ambition is to place Nigeria firmly on the path to investment grade. We are committed to this work, not for the rating itself, but because these reforms will lower Nigeria’s cost of capital, crowd in private investment and create decent jobs at scale.
The Government also takes note of the areas where Fitch sees room for further progress. Inflation, although falling, remains above that of peer countries; government revenue is still low relative to the size of the economy; and interest costs absorb a high share of that revenue. These are the constraints the Government’s reform programme is designed to address.
Government’s Continued Reform Focus
The Government reaffirms its commitment to the priorities that underpin Nigeria’s improving credit profile, including:
Sustaining reform momentum and a disciplined, market-reflective and transparent foreign exchange regime;
Raising revenue through full implementation of the new tax laws and efficient tax administration;
Improving fiscal governance through spending efficiency, budget execution and transparent debt management;
Advancing structural reforms that support non-oil growth and economic diversification; and
Taiwo Oyedele
Accelerating conversion of macroeconomic stability into shared prosperity through food security, decent jobs, human development and support for small businesses.
The Ministry notes Fitch’s guidance that positive rating action could follow from sustained disinflation and reform implementation, further strengthening of external reserves, and stronger mobilisation of non-oil revenue, all of which remain central pillars of the administration’s economic strategy.
Signed:
Taiwo Oyedele
Honourable Minister of Finance and Coordinating Minister of the Economy Federal Republic of Nigeria
Eereporter.com
News
Nigerian Navy Uncovers 31 Dug Out Pits, Recovers 62,050 litres of Suspected Stolen Petroleum Products in Rivers
Nigerian Navy Uncovers 31 Dug Out Pits, Recovers 62,050 litres of Suspected Stolen Petroleum Products in Rivers
The Nigerian Navy has uncovered two suspected illegal refining sites containing approximately 62,050 litres of petroleum products in Ogbogolo community, Ahoada West Local Government Area of Rivers State, during an anti-crude oil theft operation on 8 September 2026.
Eereporter.com
The operation, conducted by personnel of Nigerian Navy Ship SOROH, a unit under Operation DELTA SENTINEL, led to the discovery of 31 dugout pits containing about 58,000 litres of suspected stolen crude oil and 4,050 litres of suspected illegally refined Automotive Gas Oil (AGO), commonly known as diesel. The team also recovered six sacks and one keg containing additional quantities of suspected illegally refined AGO.
The sites, located within the Orashi Forest and the wider Ogbogolo area, were handled in accordance with extant regulations. No arrest was made, as the suspects fled upon sighting the naval team.
Nigerian Navy
Operation DELTA SENTINEL, since inception, has led to numerous busts, reinforcing the Nigerian Navy’s commitment to eradicate illegal refining activities in the Niger Delta while denying perpetrators access to the facilities used to store and process petroleum products, thus protecting Nigeria’s oil resources and economic interests.
Signed
AA FOLORUNSHO
Captain (Nigerian Navy) Director Naval Information
Eereporter.com
Governor Eno Directs MDAs, Contractors to Fast-Track Transport Projects for 2026 Delivery
Akwa Ibom State Governor, Pastor Umo Eno, Ph.D., has directed relevant Ministries, Departments and Agencies (MDAs) and contractors to accelerate work on ongoing transportation projects across the state to ensure their completion and commissioning before the end of 2026.
Eereporter.com
Governor Eno gave the directive on Thursday, October 8, 2026, during a comprehensive briefing on the progress of ongoing transport infrastructure and equipment projects by the responsible MDAs and contractors.
The governor stressed that the projects were designed to improve transportation services, enhance connectivity and provide residents with efficient and affordable mobility.
He expressed concern over delays in project execution, insisting that all relevant agencies and contractors must intensify their efforts to meet the stipulated deadlines and deliver the projects for public use.
ORON MARITIME PROJECT NEARS COMPLETION
Speaking on the Oron Maritime Infrastructure and Ferry Project, Governor Eno highlighted its potential to boost economic activities, promote tourism, strengthen maritime security and improve transportation across the state’s waterways.
He directed the relevant agencies and contractors to take all necessary measures to ensure the timely completion of the project, proper commissioning and smooth commencement of operations.
The Oron project is reportedly 85 per cent complete and comprises a terminal building, passenger jetty, cargo jetty, Joint Task Force (JTF) jetty, floating bar, warehouses, dry storage facilities, fish processing and drying sections, solar-powered cold rooms for fishmongers, and a recreational area.
When completed, the facilities are expected to facilitate passenger and cargo movement, improve fish preservation and processing, strengthen maritime security and support tourism development.
FERRIES, CNG BUSES ALSO UNDER REVIEW
Other projects reviewed during the briefing included the status of two ferries ordered by the state government, CNG buses and associated terminal infrastructure, alongside other transportation initiatives.
The governor charged the responsible MDAs and contractors to sustain the pace of work and ensure that the projects deliver their intended benefits to the people of Akwa Ibom State.
He further emphasised the importance of effective coordination, regular monitoring and prompt resolution of implementation challenges to achieve the year-end delivery target.
Umo Eno
Governor Eno reiterated his administration’s commitment to improving transportation infrastructure and expanding mobility options for residents through the timely delivery of ongoing projects.
Present at the briefing were the Deputy Governor, Senator Akon Eyakenyi; Secretary to the State Government, Prince Enobong Uwah; Executive Assistant/Chief Delivery Advisor, Mr Aniefiok Johnson; Commissioner for Transport, Dr Anthony Luke; members of the State Executive Council; and other government officials.
Eereporter.com
Navy Uncovers 25,000 Litres of Suspected Crude Oil in Delta
The Nigerian Navy has uncovered approximately 25,000 litres of substance suspected to be crude oil in a dugout reservoir in the Oteghele general area of Delta State, extending its recent operational gains against suspected crude oil theft in the area.
Eereporter.com
The discovery was made by NNS DELTA on 8 October 2026, following credible intelligence. The reservoir and its contents were handled in accordance with established procedures.
The latest recovery brings the quantity of suspected crude oil uncovered by NNS DELTA in Oteghele to 65,000 litres within two consecutive days, following the discovery of approximately 40,000 litres on 7 October. The successive operations highlight the importance of maintaining pressure on locations used for the suspected storage of illicit petroleum resources.
Oil
Through these interventions, the Nigerian Navy is reinforcing its resolve to deny criminal operators the opportunity to exploit petroleum resources unlawfully and to sustain operations that protect Nigeria’s critical economic assets.
Signed AA FOLORUNSHO Captain (Nigerian Navy) Director Naval Information
Eereporter.com
-
Crime1 year agoKogi Assembly Considers Law To Regulate Rent, Establish Control Board: Tenancy Law
-
News2 years agoAtiku Reveals Why He Failed To Pick Wike As Running Mate In 2023
-
Akwa Ibom2 years agoThe Apostolic Church Gets New Territorial Chairman, Exco
-
Crime2 years agoFederal High Court Jails 2 For Vandalizing Transformer, Telecom Mast In Kogi
-
News2 years agoThe Apostolic Church Gets New National President, Executive
-
Akwa Ibom2 years agoUmo Eno Commences Payment Of 80,000 Naira Minimum Wage With Arrears
-
News2 years agoSenator Natasha Returns To Senate With Husband Amid Seat Dispute
-
Economy1 year agoKiyosaki: Is Tinubu’s Government Afraid Of Ibrahim Traore?