Manny Ita –
The international ratings agency S&P Global Ratings has upgraded Nigeria’s sovereign credit rating from “B-” to “B”, while maintaining a stable outlook, signaling cautious improvement in the country’s economic position.
The upgrade was announced by Finance Minister Taiwo Oyedele, who said the decision reflects growing confidence in Nigeria’s ongoing economic reforms. According to him, this development follows similar positive rating actions earlier in 2025 by Fitch Ratings and Moody’s, which also raised Nigeria’s credit standing.
The Federal Government welcomed the decision, describing it as evidence that recent economic policies under President Bola Tinubu are beginning to yield results. Officials noted that S&P’s assessment highlighted improvements such as a stronger external balance, better oil production levels, growth in domestic refining capacity, and reforms in the foreign exchange system.
The agency also acknowledged fiscal reforms aimed at increasing government revenue, improving transparency in public finances, and making debt more sustainable. Nigeria’s debt-to-revenue position was reported to have improved since 2023, with expectations of further progress if reforms continue.
Government officials said the combined upgrades from global rating agencies suggest increasing investor confidence in Nigeria and improved credibility in its economic management. They also reaffirmed commitment to maintaining a market-driven economy, avoiding fuel subsidy return, and continuing structural reforms.
However, authorities admitted that challenges remain, including inflation, food security concerns, and unemployment. They stated that efforts will continue to ensure economic growth benefits more Nigerians while keeping the reform process on track.
Overall, the government views the rating upgrade as a positive signal for investment attraction and improved access to international financing.
