Nigeria’s sovereign credit rating upgraded by S&P Global Ratings

The Federal Government has welcomed S&P Global Ratings’ decision to upgrade Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a Stable Outlook, signalling growing international confidence in the country’s economic management.

The upgrade follows similar positive rating actions in 2025 by Fitch Ratings and Moody’s, reinforcing the effectiveness of reforms under President Bola Ahmed Tinubu, GCFR.

According to the government, S&P highlighted improvements in Nigeria’s external position, stronger balance of payments, increased oil production, expanding domestic refining and export capacity, and ongoing fiscal reforms aimed at broadening the tax base, enhancing revenue mobilisation, and strengthening debt sustainability. The agency also noted that Nigeria’s debt-to-revenue ratio has improved significantly since 2023 and is projected to decline further.

In a statement, Honourable Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, said the upgrades send a “strong signal to global investors, development partners, financial markets, and the international business community” that Nigeria is regaining macroeconomic credibility.

He added that the government remains committed to fiscal discipline, structural reforms, and a market-driven economy anchored on transparency, competition, and effective regulatory oversight, while maintaining policies against inefficient fuel subsidies.

Oyedele emphasised that while the ratings boost is encouraging, challenges remain, including inflationary pressures, food security, job creation, and ensuring inclusive economic growth. He reaffirmed the Federal, State, and Local Governments’ commitment to pragmatic, disciplined reforms that benefit all Nigerians.

“The improving outlook from leading global rating agencies will further position our country to attract investments and enhance our ability to secure financing on favourable terms,” Oyedele said.