S&P Upgrades Nigeria’s Credit Rating to ‘B’ with Stable Outlook

S&P Global Ratings has raised Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ and assigned a Stable Outlook. The agency cited improvements in Nigeria’s external position, stronger balance of payments, higher oil output, growing refining capacity, and ongoing fiscal reforms to broaden the tax base and boost revenue. It also noted a significant drop in the debt-to-revenue ratio since 2023. The Finance Minister says the upgrade will send a strong signal to global investors and development partners. He stressed the government’s commitment to fiscal discipline, structural reforms and transparent, market-driven policies while warning that inflation, food security and job creation remain key challenges.

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