The Federal Government has welcomed the decision by S&P Global Ratings to upgrade Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a Stable Outlook, describing it as a strong endorsement of the country’s ongoing economic reforms.

According to the government, the latest upgrade follows similar positive rating actions earlier in 2025 by Fitch Ratings and Moody’s Ratings, reinforcing growing international confidence in Nigeria’s economic direction and medium-term growth prospects.

In a statement issued by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the government said the upgrades reflect the impact of reforms introduced under the administration of President Bola Ahmed Tinubu.

The statement noted that S&P cited improvements in Nigeria’s external position, stronger balance of payments performance, increased oil production, expanding domestic refining and export capacity, as well as ongoing foreign exchange market reforms.

The government also highlighted ongoing fiscal reforms aimed at improving revenue generation, broadening the tax base, strengthening fiscal transparency, and enhancing debt sustainability.

According to the statement, the positive ratings by Fitch, Moody’s, and S&P send a strong signal to global investors and development partners that Nigeria is restoring macroeconomic credibility and rebuilding investor confidence.

The Federal Government reaffirmed its commitment to prudent fiscal management, macroeconomic stability, and market-driven reforms, while maintaining its stance against the return of fuel subsidies.

It added that efforts would continue to focus on tackling inflation, improving food security, creating jobs, and ensuring inclusive economic growth for Nigerians.

The government also appreciated Nigerians for their patience and resilience during the reform process, expressing confidence that the improved ratings would help attract more investments and secure financing on more favourable terms.