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S&P Global Ratings has upgraded Nigeria’s sovereign credit rating from ‘B-‘ to ‘B’ with a stable outlook, the presidency announced on Saturday, welcoming the decision as further evidence of growing international confidence in the country’s economic reforms.
The upgrade follows similar positive rating actions in 2025 by Fitch Ratings and Moody’s Ratings, according to a statement from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
“These independent assessments collectively affirm that the difficult but necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu, GCFR, are yielding measurable results and laying the foundation for a more stable, transparent, and resilient economy,” Oyedele said.
S&P cites improved external position
The minister said S&P highlighted improvements in Nigeria’s external position, stronger balance-of-payments dynamics, increased oil production, expanding domestic refining and export capacity, and 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, Oyedele said.
“Notably, Nigeria’s debt-to-revenue ratio has improved significantly since 2023 and is projected to decline further as reforms continue to mature,” the minister stated.
Oyedele said the presidency remains committed to prudent fiscal management and structural reforms.
“We have maintained our 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,” he said.
While welcoming the rating upgrade, the minister acknowledged that substantial work remains.
“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,” Oyedele said.
He added that 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.
“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,” the minister stated.
𝐓𝐇𝐄 𝐅𝐄𝐃𝐄𝐑𝐀𝐋 𝐆𝐎𝐕𝐄𝐑𝐍𝐌𝐄𝐍𝐓 𝐖𝐄𝐋𝐂𝐎𝐌𝐄𝐒 𝐓𝐇𝐄 𝐔𝐏𝐆𝐑𝐀𝐃𝐄 𝐎𝐅 𝐍𝐈𝐆𝐄𝐑𝐈𝐀’𝐒 𝐒𝐎𝐕𝐄𝐑𝐄𝐈𝐆𝐍 𝐂𝐑𝐄𝐃𝐈𝐓 𝐑𝐀𝐓𝐈𝐍𝐆 𝐁𝐘 𝐒&𝐏 𝐆𝐋𝐎𝐁𝐀𝐋 𝐑𝐀𝐓𝐈𝐍𝐆𝐒
The Federal Government welcomes the decision by S&P Global Ratings to upgrade Nigeria’s…
— Taiwo Oyedele (@taiwoyedele) May 16, 2026
