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

S&P Global has upgraded Nigeria's outlook from stable to positive, citing sustained reform efforts under President Bola Tinubu's administration. The agency affirmed Nigeria's credit ratings and raised its growth expectations to an average of 3.7% from 2025 to 2028.

Key reforms include exchange rate liberalization, fuel subsidy removal, and revenue enhancement measures like increasing oil production and boosting the Dangote Refinery. Nigeria's external position has improved, with higher foreign reserves and a stable exchange regime attracting more investments.

S&P forecasts a lower inflation rate and expects fiscal deficits to average 3.2% of GDP from 2025 to 2028.