Nigeria, Oct. 10 -- The Federal Government says Fitch Ratings' decision to revise Nigeria's credit rating outlook from Stable to Positive reflects progress in economic reforms, foreign exchange market adjustments and efforts to strengthen the country's external position.

Fitch announced the revision on 9 October, retaining Nigeria's long-term foreign-currency issuer default rating at 'B'.

In a statement issued on Saturday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Fitch cited increased foreign exchange reserves, easing inflation and improved economic prospects among the factors supporting the outlook revision.

According to the minister, Nigeria's gross foreign exchange reserves rose to $54.9 ...