The Federal Government has welcomed S&P Global Ratings’ decision to upgrade Nigeria’s sovereign credit rating from “B-” to “B” with a stable outlook, describing it as a strong indication that the country’s economic reforms are rebuilding investor confidence.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the upgrade reflects growing trust among international financial institutions and investors in Nigeria’s economic direction and medium-term outlook.
According to the government, S&P cited improvements in Nigeria’s external financial position, stronger balance of payments performance, rising crude oil production and increased domestic refining capacity as key reasons for the upgrade. The agency also acknowledged ongoing foreign exchange and fiscal reforms aimed at boosting revenue generation, debt sustainability and transparency.
Oyedele said the latest rating upgrade, alongside positive assessments from Fitch and Moody’s, shows that the Tinubu administration’s economic reforms are beginning to produce measurable results and strengthen macroeconomic stability.
He added that Nigeria’s debt-to-revenue ratio has improved significantly since 2023 and is expected to decline further as reforms continue to take effect.
The minister also reiterated the government’s commitment to maintaining a market-driven economy and ruled out any return to fuel subsidies, arguing that past subsidy regimes created fiscal distortions, encouraged smuggling and weakened foreign exchange liquidity.
According to him, the government will continue implementing policies focused on curbing inflation, improving food security, supporting private investment and creating jobs while ensuring inclusive economic growth for Nigerians.
