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GTCO58.40+1.24%ZENITHBANK46.10-0.43%UBA32.85+0.92%ACCESSCORP22.30-1.10%FBNH28.70+0.35%STANBIC56.25+1.62%FCMB8.95-0.55%WEMABANK11.50+2.21%DANGCEM462.00+0.65%BUACEMENT95.40-0.22%WAPCO38.25+1.86%NESTLE1180.00-0.42%DANGSUGAR36.20+0.83%FLOURMILL64.55+1.49%UNILEVER18.45-1.07%NB35.60+2.45%GUINNESS64.10+0.16%SEPLAT5800.00+1.92%GTCO58.40+1.24%ZENITHBANK46.10-0.43%UBA32.85+0.92%ACCESSCORP22.30-1.10%FBNH28.70+0.35%STANBIC56.25+1.62%FCMB8.95-0.55%WEMABANK11.50+2.21%DANGCEM462.00+0.65%BUACEMENT95.40-0.22%WAPCO38.25+1.86%NESTLE1180.00-0.42%DANGSUGAR36.20+0.83%FLOURMILL64.55+1.49%UNILEVER18.45-1.07%NB35.60+2.45%GUINNESS64.10+0.16%SEPLAT5800.00+1.92%
Credit profile

Federal Government of Nigeria

Proshare Rating
Caa1.ng
1Y PD
4.80%
LGD
35%
Spread
0 bps
Outstanding
₦142.00T
Watchlist
Positive

Thesis

Reform momentum (FX unification, subsidy removal, tax overhaul) is restoring policy credibility; near-term debt service burden remains the binding constraint.

Strengths
  • • Reform credibility recovering
  • • FX market unification
  • • Rising external reserves
  • • Robust diaspora flows
Risks
  • • Debt service > 70% of revenue
  • • Oil production variability
  • • Security spending pressure
  • • Election-cycle fiscal slippage

External ratings

  • Moody'sCaa1Positive
  • S&PB-Stable
  • FitchB-Stable
Last reviewed 2026-05-22