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>>S&P upgrades Nigeria’s rating from B‑ to B, citing a strengthening macroeconomic outlook.

S&P upgrades Nigeria’s rating from B‑ to B, citing a strengthening macroeconomic outlook.

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about 2 hours ago

Credit Rating Upgrade

S&P Global Ratings raised Nigeria’s sovereign rating from B‑ to B, citing stronger macro fundamentals and reforms. Key drivers include higher oil output, expanded domestic refining, and the 2023 decision to float the naira. The agency highlighted sub‑Saharan oil production growth and the removal of long‑standing currency pegs as pivotal. This upgrade follows similar moves by Fitch and Moody’s, reflecting renewed confidence in Nigeria’s fiscal outlook.

Economic Outlook and Oil Gains

S&P projects real GDP per‑capita to grow about 1.4% annually through 2029, reversing a decade of decline. Elevated global oil prices, spurred by Middle‑East tensions, are expected to boost export earnings and foreign‑exchange inflows. Nigeria’s position as a major crude exporter lessens its exposure to regional shocks. The World Bank forecasts a 4.2% GDP expansion in 2026, urging prudent use of windfall revenues.

Inflation Pressures and Reform Impact

Recent geopolitical conflicts raised fuel costs, feeding into higher transport and food prices and pushing inflation up for a second month in April. Prior to the surge, consumer prices had fallen for eleven consecutive months. Analysts credit liberalising the FX market and restructuring fuel subsidies for stabilising public finances. While challenges remain, the rating upgrades signal growing optimism about Nigeria’s medium‑term economic trajectory.