RismadarVoice Reporters, May 16, 2026
The Presidency has linked Nigeria’s recent sovereign credit rating upgrade by S&P Global Ratings to economic reforms introduced under President Bola Tinubu’s administration, describing the development as a sign of growing confidence in the country’s economic direction.
In a statement issued by the Special Assistant to the President on Social Media, Dada Olusegun, the Presidency said the improved rating reflected the impact of reforms implemented since 2023, including fiscal and structural measures aimed at stabilising the economy and improving investor confidence.
According to the statement, the rating agency cited several factors behind the upgrade, including increased oil production, tax reforms, the removal of fuel subsidies, foreign exchange liberalisation, improved local refining capacity and the implementation of policies designed to strengthen petroleum revenue management.
The Presidency stated that enhanced security measures and strategic investments had contributed to improvements in oil output, while ongoing fiscal reforms were expected to lower the country’s debt-to-revenue ratio in the coming years. It also projected further improvements in Nigeria’s current account position and a gradual decline in inflation levels over the medium term.
S&P Global Ratings had upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings from “B-” to “B” while maintaining a stable outlook. The agency said the decision followed sustained reforms that strengthened the country’s macroeconomic outlook and external position, although it cautioned that inflationary pressures and structural challenges such as poverty, unemployment and insecurity remain key concerns.
Reacting to the development, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the rating improvement reflected sustained confidence from investors and aligned with similar assessments issued by international rating agencies in recent periods.
