• S&P revises Nigeria’s credit outlook to positive, affirms B-/B rating
  

• Shift reflects reform progress in FX policy, subsidies, and revenue
  

• Growth forecast raised to 3.7%; inflation seen easing by 2028
  

S&P Global Ratings said on Friday, November 14, 2025, that it has revised Nigeria’s sovereign credit outlook from “stable” to “positive,” while affirming its long- and short-term ratings at ‘B-/B’.

Ministry of Finance

Abuja

Statement of the Honourable Minister of Finance and the Coordinating Minister of the Economy, Wale Edun following S&P Nigeria’s Revised Ratings

I am delighted to receive the news that S&P Global Ratings has revised Nigeria’s outlook to Positive from… pic.twitter.com/9JOgjDzVdp

— Federal Ministry of Finance (@FinMinNigeria) November 15, 2025

S&P said the change reflects the monetary, economic, and fiscal reforms introduced by the Nigerian authorities, which the agency expects will deliver benefits over the medium term.

Nigeria’s Minister of Finance, Wale Edun, welcomed the announcement, saying the shift in outlook shows that the government’s difficult but necessary reforms are starting to produce results and are being recognized by respected international institutions.

Since 2023, Nigeria has rolled out major reforms, including liberalizing the foreign exchange regime, removing fuel subsidies, tightening revenue collection, and boosting oil production. Their implementation has prompted several rating agencies to upgrade their assessment of the country’s financial position.

Fitch Ratings and Moody’s both raised their outlooks for Nigeria earlier this year, in April and May, respectively.

S&P now projects average economic growth of 3.7% from 2025 to 2028, up from its previous forecast of 3.2%. The agency said the expected acceleration will be driven by higher oil production and improving private-sector confidence. It also forecasts a gradual decline in inflation, reaching about 13% by 2028.

Ingrid Haffiny