RismadarVoice Reporters, May 16, 2026
The Federal Government of Nigeria has welcomed the decision by S&P Global Ratings to upgrade Nigeria’s sovereign credit rating from “B-minus” to “B” with a stable outlook.
The government described the development as a strong indication of growing international confidence in Nigeria’s economic reforms and fiscal policies under President Bola Ahmed Tinubu.
In a statement issued by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the government said the latest upgrade followed similar positive ratings by Fitch Ratings and Moody’s earlier in 2025.
According to the statement, the independent assessments by global rating agencies show that ongoing economic reforms are beginning to produce measurable results and strengthen macroeconomic stability.
S&P Global Ratings reportedly cited improvements in Nigeria’s external financial position, stronger balance of payments, increased oil production and expanding domestic refining capacity among the factors responsible for the upgrade.
The agency also acknowledged reforms in the foreign exchange market, fiscal transparency, public revenue mobilisation and debt sustainability.
The Federal Government noted that Nigeria’s debt-to-revenue ratio had improved significantly since 2023 and is expected to decline further as reforms continue.
The statement added that the ratings upgrade sends a positive signal to global investors and development partners that Nigeria is regaining economic credibility and improving investor confidence.
The government reaffirmed its commitment to prudent fiscal management, macroeconomic stability and policies that encourage private sector growth and investment.
It also reiterated its position against the return of fuel subsidies, describing them as inefficient and harmful to the economy.
While welcoming the improved outlook, the government acknowledged ongoing economic challenges, including inflation, food insecurity and unemployment, and pledged to continue implementing reforms aimed at achieving inclusive and sustainable growth.
The Federal Government thanked Nigerians for their patience and resilience throughout the reform process, expressing optimism that the improved ratings would help attract more investment and improve access to international financing on favourable terms.
