Nigeria’s Credit Rating Upgraded to ‘B’ by S&P Amid Economic Reforms

S&P Global Ratings has upgraded Nigeria’s sovereign credit rating from “B-” to “B”, citing the country’s ongoing economic reforms, improved foreign exchange policies, and rising oil production.
The global rating agency said recent reforms introduced by the administration of President Bola Ahmed Tinubu are helping to strengthen investor confidence and improve macroeconomic stability.
According to S&P, the liberalisation of Nigeria’s foreign exchange market has enhanced transparency and eased pressure within the financial system, while higher crude oil production and improved government revenue supported the positive rating action.
The agency also acknowledged efforts by monetary authorities to stabilise the economy despite persistent inflation and exchange rate volatility.
Economic analysts say the upgrade could enhance Nigeria’s credibility in international financial markets, lower borrowing risks, and encourage increased foreign investment into key sectors of the economy.
The Federal Government welcomed the development, describing it as a strong indication that current economic reforms are gradually restoring confidence in Africa’s largest economy.