S&P upgrades Nigeria’s credit rating after economic reforms
S&P Global Ratings has raised Nigeria’s long-term credit ratings, citing improvements in the country’s economy and ongoing reforms. The upgrade reflects stronger macroeconomic indicators, increased oil production, and liberalisation of the foreign exchange market. Bola Tinubu’s administration has been credited for advancing these reforms, which have attracted positive attention from international rating agencies. Taiwo Oyedele, the Minister of Finance, welcomed the upgrade and highlighted the growing confidence in Nigeria’s economic direction.
TLDR
- S&P upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”.
- The agency announced the upgrade on May 15, 2026, affirming short-term ratings at “B” with a stable outlook.
- S&P cited higher oil production, increased domestic refining capacity, and exchange rate liberalisation in 2023 as key factors.
- The agency projected Nigeria’s debt-to-revenue ratio would decline to 338 per cent in 2026 from about 500 per cent in 2023.
- Taiwo Oyedele noted that similar upgrades by Fitch Ratings and Moody’s occurred in 2025, reflecting international confidence in reforms under Bola Tinubu.
