WorldStage– S&P Global Ratings has revised Nigeria’s sovereign credit outlook to positive from stable, citing sustained reform efforts and improving macroeconomic indicators.
Announcing the rating during the week, 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 Dangote 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.
