Nigeria's Sovereign Credit Rating Upgraded to ‘B’ by S&P

S&P Global Ratings upgraded Nigeria’s sovereign credit rating from ‘B‑’ to ‘B’ with a stable outlook. The agency cited an improved external position, stronger balance‑of‑payments, higher oil production, expanded domestic refining capacity, and the 2023 liberalisation of the foreign‑exchange market. It also noted fiscal reforms that have broadened the tax base, increased revenue collection and lowered the debt‑to‑revenue ratio.

Finance Minister Taiwo Oyedele welcomed the upgrade, saying it reflects growing international confidence in the reforms pursued under President Bola Tinubu. He reiterated the government’s commitment to a market‑driven economy and its stance against re‑introducing fuel subsidies, which he said have created fiscal distortions.

The rating lift is expected to help Nigeria attract foreign direct investment and secure financing on more favourable terms, though officials acknowledge ongoing challenges such as high inflation, food‑security pressures and the need for more inclusive job creation.