The federal government has welcomed Moody's Ratings' decision to revise Nigeria's outlook from stable to positive while retaining the country's long-term foreign- and local-currency ratings at B3. The Minister of Finance, Taiwo Oyedele, stated that the decision reflects the impact of economic reforms implemented over the past three years. A positive outlook signals that a rating upgrade could be considered within the medium term if reforms continue to deliver results. An improved sovereign credit rating could eventually reduce the cost of accessing international capital.
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