Standard & Poor’s (S&P) Global Ratings has revised Nigeria’s outlook from “Stable” to “Positive”, while affirming the country’s sovereign rating at “B-/B”, citing the impact of the government’s ongoing economic reforms.
In a statement on Friday, S&P highlighted that monetary, fiscal, and economic measures implemented by Nigerian authorities are expected to yield significant benefits in the medium term.
Global Ratings Reflect Confidence
Nigeria’s recent performance has attracted attention from major global credit rating agencies. In May, Moody’s upgraded the country’s rating to “B3” from “Caa1”, pointing to improvements in external reserves and fiscal management. Fitch Ratings, meanwhile, maintained Nigeria’s “B” rating with a stable outlook last month.
Economic Reforms Driving Optimism
Since assuming office on May 29, 2023, President Bola Tinubu has pursued bold economic reforms, including removal of the petrol subsidy and liberalisation of currency trading, measures aimed at stimulating growth and attracting foreign investment.
Both the World Bank and the International Monetary Fund (IMF) have indicated that sustained reforms could underpin long-term economic growth and strengthen investor confidence in Nigeria.
