S&P Maintains Nigeria's Credit Rating at B- with Positive Outlook, Fitch Ratings Affirms Stability

S&P Global Ratings has decided to maintain Nigeria's sovereign credit rating at B- with a positive outlook. The rating agency's assessment reflects a cautious optimism about the country's economic recovery and ongoing fiscal reforms.

Despite Nigeria's relatively low GDP per capita and narrow fiscal revenue base, S&P acknowledges the government's efforts to diversify revenue streams and stabilize the macroeconomy. The positive outlook indicates an improvement in external economic and fiscal performance, supported by rising oil revenues and a stronger monetary policy framework.

S&P projects Nigeria's economic growth at 3.76% in 2026 and 3.57% in 2027-2028. However, the agency warns of potential setbacks such as delayed critical reforms, rising fiscal deficits, and growing debt burdens that could weaken Nigeria's credit profile.

In a separate review, Fitch Ratings affirms Nigeria's long-term foreign currency issuer default rating at B with a stable outlook, citing improvements in foreign exchange liquidity and ongoing monetary and fiscal reforms.