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...