S&P Upgrades Nigeria's Outlook to 'Positive' Amid Economic Reforms

Standard & Poor's (S&P) has raised Nigeria's outlook to 'Positive' as the country implements economic reforms, including the removal of costly petrol subsidies and currency trade restrictions. President Bola Tinubu's bold reforms aim to attract foreign investment and spur economic growth.

However, analysts warn of challenges due to global oil price volatility. BudgIT co-founder Seun Onigbinde highlights concerns over Nigeria's budget transparency and delays in implementation.

The country recently issued a Eurobond to finance its budget deficit, signaling ongoing reliance on borrowing.