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Lagos, Lagos State – By Prime Brief Media

S&P Global Ratings has upgraded Nigeria's sovereign credit rating to 'B' from 'B-', delivering a significant vote of confidence in the economic reforms being implemented by the Tinubu administration and signalling improved investor sentiment towards Africa's largest economy.

In its latest assessment released on Monday, S&P cited a range of positive developments, including improved macroeconomic stability, the liberalisation of the foreign exchange market, rising crude oil production which has reached a five-year high of 1.71 million barrels per day, and stronger external reserves now at about $49.4 billion. The agency also highlighted the transformative impact of the Dangote Petroleum Refinery, which has reduced Nigeria's dependence on imported refined products.

"The upgrade reflects our view that Nigeria's economic and fiscal position has strengthened on the back of bold reforms, improved oil sector performance, and enhanced foreign exchange liquidity. The outlook is stable," the S&P statement read.

However, the rating agency cautioned that significant risks remain. It flagged persistently high inflation, which rose to 15.69 per cent in April, the rising cost of fuel, widespread poverty, and security challenges as factors that could undermine the gains if not effectively managed.

Finance Minister Taiwo Oyedele welcomed the upgrade, describing it as a reward for difficult but necessary decisions. "This is an important endorsement of our reform agenda. We will not relent," Oyedele said.

Prime Brief Media will report on further economic indicators and official responses as they become available.

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