S&P Upgrades Nigeria's Credit Rating to 'B' Amid Reforms

S&P Global Ratings upgraded Nigeria's long-term foreign and local currency credit rating to 'B' on May 15, 2026, citing economic reforms under President Bola Ahmed Tinubu. The agency noted improvements in foreign exchange liquidity and a rise in fiscal revenue, with external reserves increasing to $50 billion in March 2026 from $33 billion in 2023.

The upgrade reflects the impact of Tinubu's three-year structural reforms, particularly the liberalization of the foreign exchange market, which has restored investor confidence. S&P highlighted that the average monthly foreign exchange turnover rose to $8.6 billion between 2025 and April 2026, with a record supply rate of $10 billion.

The agency also projected government revenue to rise to 12.4% of GDP by 2026, up from 7.3% in 2023, despite expected debt service pressures. The positive outlook reflects cautious optimism regarding Nigeria's ongoing economic recovery and fiscal reforms.