By Nnamdi Okosieme
The Federal Government has welcomed the decision by S&P Global Ratings to upgrade Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a Stable Outlook.
The latest upgrade by S&P follows similar positive rating actions in 2025 by Fitch Ratings and Moody’s Ratings.
Reacting to the latest rating, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Tunde Oyedele, said it further reinforces growing international confidence in Nigeria’s economic reform trajectory, policy consistency, and medium-term growth prospects.
“These independent assessments collectively affirm that the difficult but necessary reforms undertaken under the leadership of President Bola Tinubu are yielding measurable results and laying the foundation for a more stable, transparent, and resilient economy. In particular, S&P highlighted improvements in Nigeria’s external position, stronger balance of payments dynamics, increased oil production, expanding domestic refining and export capacity, and the sustained implementation of key macroeconomic reforms including foreign exchange market liberalisation.
“The agency also recognised ongoing fiscal reforms aimed at broadening the tax base, improving public revenue mobilisation, enhancing fiscal transparency, and strengthening 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 upgrades by Fitch, Moody’s, and now S&P send a strong signal to global investors, development partners, financial markets, and the international business community that Nigeria is regaining macroeconomic credibility and restoring confidence in the management of its economy”,, Oyedele said.
The Minister said the Tinubu administration remains firmly committed to prudent fiscal management, macroeconomic stability, and structural reforms that promote inclusive and sustainable growth. He noted that the Federal Government has always maintained its position against the reintroduction of inefficient fuel subsidies, which historically created significant fiscal distortions, incentivised smuggling, weakened foreign exchange liquidity, and diverted scarce public resources away from critical national priorities.
“We remain committed to a market-driven economy anchored on transparency, competition, and effective regulatory oversight. Accordingly, the Federal Government will continue to uphold policies that support free enterprise, respect private investment, and provide a stable and predictable environment for businesses and investors to thrive. While these positive ratings developments are encouraging, we recognise that the work ahead remains substantial. We are focused on addressing inflationary pressures, improving food security, expanding decent job opportunities, and ensuring that economic growth translates into meaningful and inclusive prosperity for all Nigerians”, the Minister said.
He added that the Federal, States and Local Governments will continue to implement reforms with discipline, pragmatism, and compassion while maintaining close engagement with citizens and all stakeholders noting that the Federal Government appreciates the resilience, patience, and support of Nigerians in its reform journey. He averred that the improving outlook from leading global rating agencies will further position Nigeria to attract investments and enhance the country’s ability to secure financing on more favourable terms. He said the Tinubu administration remained strengthened in its resolve to build a stronger economy that is globally competitive, fiscally sustainable, and works for all Nigerians.
