The Minister of Finance and Coordinating Minister of the Economic system, Wale Edun, has reacted to the choice of S&P World Scores to revise Nigeria’s outlook to Constructive from Steady, saying that the federal government would proceed to implement well-coordinated insurance policies aimed toward restoring macroeconomic stability.
The Minister, in an announcement launched on Saturday, mentioned the improve, whereas affirming Nigeria’s long- and short-term rankings at ‘B-/B’, was a robust endorsement of the fiscal, financial, and structural reforms being rolled out below President Bola Tinubu’s administration.
“I’m delighted to obtain the information that S&P World Scores has revised Nigeria’s outlook to Constructive from Steady whereas affirming our ‘B-/B’ score,” he mentioned.
“This growth is one more clear sign that the tough however essential reforms we’re enterprise are gaining traction and incomes sturdy recognition from revered international establishments.”
Main score businesses aligned
Edun famous that with Moody’s and Fitch Scores having earlier upgraded Nigeria’s credit score place in the identical yr, all three main international rankings businesses now align in acknowledging the progress of the reforms.
“This alignment displays large confidence within the course of our fiscal, financial, and structural reforms, and within the renewed energy and stability of our economic system,” he mentioned.
Reforms already delivering outcomes
The Minister highlighted that S&P’s resolution echoed the company’s recognition of improved development prospects, strengthening exterior buffers, and clearer financial coverage outcomes, that are starting to materialise because the reforms take maintain.
“These optimistic indicators reinforce our dedication to staying the course,” Edun added. “Whereas we’re totally conscious that extra work lies forward, the foundations we’re constructing as we speak will help inclusive and sustainable development for years to come back.”
He counseled President Tinubu for what he described as “unwavering management and political braveness” in pushing reforms that had lengthy been delayed and in addition acknowledged the resilience of Nigerians navigating the transition.
“We’ll proceed to implement well-coordinated insurance policies that restore macroeconomic stability, appeal to funding, and create alternatives for our residents,” he assured.
“The arrogance proven by international rankings businesses strengthens our resolve to ship a stronger, extra dynamic, and extra affluent Nigerian economic system.”
What S&P mentioned
S&P World Scores, in its assertion on Friday, revised Nigeria’s outlook to Constructive, citing sustained reform efforts and enhancing macroeconomic indicators. The company reaffirmed Nigeria’s nationwide scale rankings at ‘ngBBB+/ngA-2’.
“The optimistic outlook displays enhancing exterior, financial, fiscal, and financial outcomes,” S&P famous, whereas flagging lingering considerations equivalent to low GDP per capita, excessive debt servicing obligations, and structural knowledge gaps.
The improve comes on the again of wide-ranging reforms launched since mid-2023, together with Trade charge liberalisation; Gas subsidy removing; Enhanced income mobilisation measures; Elevated oil manufacturing and sectoral stabilisation; Commissioning of the Dangote Refinery, anticipated to change Nigeria’s energy-supply panorama.
In response to S&P, these coverage strikes are putting Nigeria on a extra sustainable fiscal and financial path:
“We expect authorities are taking steps to enhance the economic system’s development prospects and macroeconomic resilience,” the company mentioned.
What you need to know
S&P has additionally raised its development expectations for Nigeria to a mean of three.7% between 2025 and 2028, up from a earlier forecast of three.2%, pushed by greater oil output and rising non-public sector confidence.
- Inflation is projected to say no steadily, reaching 13% by 2028.
- Nigeria’s exterior place has additionally improved, with gross international reserves estimated at below $44 billion as of October 2025.
The nation’s removing from the Monetary Motion Process Power gray listing and a extra secure naira alternate regime have helped appeal to diaspora remittances and international portfolio inflows.