Femi Ashekun/
S&P Global Ratings has raised its outlook on Nigeria to “positive” from “stable”, while affirming the country’s long-term foreign and local-currency credit ratings at B-/B.
The ratings agency said that the monetary, economic and fiscal reforms being pursued by Nigerian authorities are expected to deliver meaningful benefits over the medium term.
In recent months, Nigeria has moved to remove petrol subsidies, liberalise its currency regime and tap external and domestic debt markets, most notably issuing a US$ 2.35 billion Eurobond to help bridge its 2025 budget deficit.
According to Reuters, Moody’s had already upgraded Nigeria in May from Caa1 to B3, citing improvements in its external and fiscal positions, while Fitch left its B rating unchanged with a stable outlook.
Reuters also noted analysts’ warnings that global oil price volatility and implementation challenges could still jeopardise long-term gains.
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