- Agency cites state’s exit from rating process; Long-Term IDR of ‘B’ with Stable Outlook no longer active
Fitch Ratings has withdrawn all credit ratings assigned to Kogi State, Nigeria, including its Long-Term Issuer Default Rating (IDR) of ‘B’ with a Stable Outlook, the agency announced.
The withdrawal follows Kogi State’s decision to stop participating in Fitch’s rating process. With the state no longer supplying the information required to maintain surveillance, Fitch said it no longer has sufficient data to sustain the ratings. As a result, the agency will discontinue all ratings and analytical coverage of the state going forward.
Because the ratings have been withdrawn, Fitch noted that its usual discussion of key rating drivers and rating sensitivities no longer applies.
About Kogi State
Kogi State sits in north-central Nigeria, at the confluence of the Niger and Benue rivers, and has a population of roughly 5 million people. A large share of its workforce is self-employed in agriculture.
Rating Committee Details
The rating action was determined at a committee held on July 15, 2026. Fitch confirmed the committee had an appropriate quorum, that members were free of any conflicts requiring recusal, and that the underlying data was judged sufficiently robust given its materiality to the decision. No issues outside the original committee package were raised during the discussion, and the committee’s review centered on the main rating factors relevant under Fitch’s applicable criteria.
Fitch said the principal sources underpinning its analysis are set out in its Applicable Criteria.
ESG Considerations
Fitch assigned Kogi State an ESG Relevance Score of ‘4’ for Biodiversity and Natural Resource Management, reflecting the state’s reliance on oil-related transfers from the federal government — a dependency the agency views as a negative factor for the state’s credit profile when considered alongside other elements.
Under Fitch’s framework, a score of ‘3’ is treated as the baseline, indicating ESG factors are credit-neutral or carry only minimal credit impact. Scores above that level, such as the ‘4’ assigned here, signal greater relevance to the rating decision. Fitch notes that its ESG Relevance Scores are observational and are not direct inputs into the rating process itself.
