On 27 January, Moody’s downgraded Nigeria’s credit rating to Caa1 (with a stable outlook) from B3, stating that it expected a continued deterioration in Nigeria’s fiscal and debt position. This latest downgrade by Moody’s puts Nigeria’s credit rating on par with Gabon, Pakistan, and Iraq, and follows a downgrade to B3 from B2 in October 2022.

Despite these headwinds, pockets of opportunity remain for Nigeria.

CrossBoundary’s sovereign advisory team shares their analysis of the Nigeria credit rating downgrade in their latest Sovereign Advisory Viewpoints.

“Emerging market economies face a challenging year ahead, yet pockets of opportunity remain. At CrossBoundary, we work with Governments and development partners on innovative solutions that help unlock access to capital whilst navigating often challenging macroeconomic and fiscal contexts,” says Head of Sovereign Advisory Stephen Akpakwu.

Read CrossBoundary’s Sovereign Advisory Viewpoints on Nigeria’s credit rating downgrade here.