S&P Global Ratings has upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to ‘B’ from ‘B-’, in what marks the country’s first ratings upgrade by the agency in about 14 years. The outlook on the ratings is stable, while the short-term sovereign ratings were affirmed at ‘B’.
In its latest review, S&P said Nigeria’s creditworthiness has improved on the back of President Bola Tinubu’s sustained economic reforms, including FX market liberalisation, subsidy removal and efforts to boost non-oil revenues. The agency noted that the unification and flexibilisation of the exchange rate have bolstered access to foreign currency and supported a more market-driven FX environment.
S&P also cited recovering oil production, higher fiscal revenues and rising external reserves as key factors behind the upgrade. It pointed to improved external buffers helped by better FX liquidity, inflows from multilateral lenders and expanding domestic refining capacity, particularly with the ramp-up of the Dangote refinery.
The report acknowledged that Nigeria still faces significant challenges, including high inflation, security concerns and implementation risks around reforms. However, it stressed that if current policies are sustained, they could strengthen growth prospects and further stabilise public finances over the medium term.
Local analysts say the upgrade is a positive signal for foreign investors and could help reduce Nigeria’s borrowing costs on international markets. It also follows S&P’s earlier decision in 2025 to revise Nigeria’s outlook to positive from stable while keeping the rating at ‘B-/B’, based on early reform momentum.
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