FG welcomes S&P upgrade of Nigeria’s sovereign credit rating
The federal government says the decision by S&P Global Ratings to upgrade Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a Stable Outlook reflects growing international confidence in the country’s economic reforms and policy direction.
Taiwo Oyedele, minister of economy in a statement issued on Friday, said the latest upgrade follows similar positive rating actions by Fitch Ratings and Moody’s Ratings in 2025, further strengthening confidence in Nigeria’s medium-term economic growth prospects.
It stated that the reforms introduced under the administration of Bola Ahmed Tinubu were beginning to yield measurable results.
“These independent assessments collectively affirm that the difficult but necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu are yielding measurable results and laying the foundation for a more stable, transparent, and resilient economy,” the statement said.
According to the government, S&P highlighted improvements in Nigeria’s external position, stronger balance of payments, increased oil production, and expanding domestic refining and export capacity.
The agency also recognised the continued implementation of key macroeconomic reforms, including foreign exchange market liberalisation and fiscal measures aimed at improving public revenue mobilisation and debt sustainability.
“Notably, Nigeria’s debt-to-revenue ratio has improved significantly since 2023 and is projected to decline further as reforms continue to mature,” the government stated.
The federal government said the positive ratings from leading global agencies send a strong signal to investors, development partners, and the international business community that Nigeria is restoring macroeconomic credibility and rebuilding confidence in the management of its economy.
