Fitch raised Nigeria’s credit rating outlook to positive from stable, citing accelerated reform progress under President Tinubu’s administration since May last year. The government’s commitment to market-friendly reforms, which contrast with previous administrations’ unorthodox policies, has been a key factor in this positive reassessment. Efforts are underway to improve the tax-to-revenue ratio from 10% to about 18% of GDP and to reduce the high debt service ratio from 98% in 2023 to 45% this year.