LAGOS — Fitch Ratings has changed the outlook on Nigeria's long-term foreign-currency rating from stable to positive and affirmed the rating at 'B'. The agency said it has more confidence that reform momentum will not be disrupted by the upcoming elections. It expects growth of 4.3 per cent in 2026, a current account surplus of 6.4 per cent of GDP and average inflation of 15.4 per cent, and forecasts that reserves will cover 6.3 months of external payments by the end of the year. Fitch cited weak governance, reliance on oil, persistent inflation, insecurity and low government revenue as constraints. Finance Minister Taiwo Oyedele welcomed the decision and said reserves had risen to $54.9 billion from $32 billion in April 2024. S&P upgraded Nigeria to 'B' in May, and Moody's changed its outlook to positive in August.