S&P raises Nigeria’s credit rating on stronger economy

*Cites FX reforms, rising oil output, stronger reserves, Dangote Refinery impact
*Warns inflation, poverty remain major risks ahead of 2027 polls
By Babajide Komolafe
Nigeria today secured a major boost in global investor confidence as S&P Global Ratings upgraded the country’s sovereign credit rating to ‘B’ from ‘B-’, citing improvements in macroeconomic stability, foreign exchange reforms and stronger oil sector performance.
The global rating agency also retained a stable outlook for the country, indicating confidence in the sustainability of ongoing economic reforms by the Federal Government.
In its latest rating action released yesterday, S&P said the upgrade reflected Nigeri...