Fitch turns positive on Nigeria's biggest banks

Lagos — Fitch Ratings has changed its outlook on nine Nigerian banks and two bank holding companies from stable to positive, citing better economic policy, stronger foreign reserves and an improving operating environment, Nairametrics reports.

The ratings themselves were affirmed at B, so this is a change of outlook, not an upgrade.

Who moved

• Access Bank
• Zenith Bank
• First HoldCo and First Bank of Nigeria
• United Bank for Africa
• Guaranty Trust Holding Company and Guaranty Trust Bank
• Fidelity Bank
• First City Monument Bank
• Wema Bank
• Bank of Industry, the state policy bank

Why

The change follows Fitch's decision on 9 October to move Nigeria's own outlook to positive, citing continued reforms and confidence that they will continue despite the upcoming elections. Because the banks hold large amounts of government debt and central bank reserves, their ratings are closely tied to the country's.

Fitch noted that:

• the naira gained about 7% between January and September
• the central bank kept building its reserves
• inflation eased to 15.4% in August and Fitch expects it to keep falling
• it forecasts growth of 4.3% this year, up from 4% in 2025
• the banks have shown resilience under demanding rules, cushioned by the capital they raised for new minimum requirements

First Bank, which fell below its minimum capital ratio at the end of 2025, had restored it to 16.7% by mid-2026.

Source: Nairametrics, reporting by Israel Ojoko, 15 October 2026.