Nigeria’s economic reform programme received another boost as global rating agency S&P Global Ratings upgraded the country’s sovereign credit rating from “B-” to “B” with a stable outlook, a development the Federal Government described as evidence that investor confidence in the economy is gradually improving.
Reacting to the announcement, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the latest assessment by S&P adds to recent positive ratings issued by Fitch Ratings and Moody’s Ratings, indicating growing international belief in Nigeria’s economic recovery efforts.
The minister said the Tinubu administration’s reforms are beginning to improve the country’s financial position and restore credibility in the management of the economy.
According to him, the government’s policy measures, including reforms in the foreign exchange market, fiscal management and public revenue collection, are gradually creating a more stable and transparent economic environment.
Oyedele explained that the latest upgrade was influenced by stronger performance in Nigeria’s external finances, improvements in oil production, increased local refining capacity and better export prospects.
He noted that reforms aimed at improving tax collection, increasing government revenue and managing public debt more effectively also contributed to the improved rating outlook.
The minister stated that Nigeria’s debt pressure has started easing compared to previous years, adding that continued reforms are expected to strengthen the country’s financial sustainability further.
He said the positive ratings from leading international agencies send an encouraging message to global investors and development partners that Nigeria is working towards rebuilding confidence in its economy.
According to Oyedele, the Federal Government intends to sustain the current reform direction across all levels of government while engaging citizens and stakeholders to ensure that the policies deliver long-term benefits.
He maintained that the government would not reverse key reforms, especially the removal of fuel subsidies, which he said previously drained public finances and distorted the economy.
The minister argued that subsidy payments over the years weakened government finances, encouraged fuel smuggling and reduced funds available for infrastructure and social services.
Oyedele also said the government remains committed to maintaining a market-based economy that supports private investment, business growth and fair competition.
He explained that creating a stable and predictable business climate remains necessary to attract more local and foreign investment into the country.
While welcoming the positive rating action, the minister admitted that many economic challenges still remain, especially rising prices, food insecurity and unemployment.
He said the government is focused on ensuring that the benefits of economic reforms translate into real improvements in the lives of Nigerians through lower inflation, more jobs and stronger economic growth.
Oyedele thanked Nigerians for enduring the difficulties associated with the ongoing reforms, noting that the improving international outlook on the economy could help the country secure investments and financing under more favourable conditions.
He added that the government’s broader objective is to build a more resilient economy that can compete globally while creating opportunities for citizens and supporting sustainable development.
