S&P Global Ratings has revised Nigeria’s sovereign credit outlook to positive from stable, citing sustained reform efforts and improving macroeconomic indicators.
In an issued statement, the agency affirmed Nigeria’s long- and short-term foreign and local currency ratings at ‘B-/B’, alongside its national scale ratings of ‘ngBBB+/ngA-2’.
“The positive outlook reflects improving external, economic, fiscal, and monetary results”, S&P stated, acknowledging the country’s strides despite persistent challenges such as low GDP per capita, high debt servicing costs, and weak statistical infrastructure.
The upgrade follows a wave of reforms initiated since mid-2023 under President Bola Tinubu’s administration. These include exchange rate liberalization, fuel subsidy removal, enhanced revenue collection, and increased oil production, bolstered by the commissioning of the Ɗangote refinery.
S&P noted that these measures have placed Nigeria’s fiscal and monetary trajectory on a more stable path. “We think authorities are taking steps to improve the economy’s growth prospects and macroeconomic resilience”, the agency added.
