It would be recalled that global rating agency, Moody's, downgraded Nigeria from a B1 stable to a B2 stable rating in 2017. This is equivalent to Nigeria's existing B/Stable Outlook rating from S&P and slightly lower than Nigeria's B+/Negative Outlook rating from Fitch. But the key government agencies, which include the Central Bank of Nigeria, Federal Ministry of Finance, and the DMO, faulted the position of Moody's. They noted that since Nigeria was last rated by Moody's (as B1 stable) in December 2016, the country had successfully emerged from a protracted recession and recorded important improvements across a broad range of indices.