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

S&P Global Ratings upgraded Nigeria's sovereign credit rating from 'B-' to 'B', citing improvements in macroeconomic stability and oil sector performance. The agency highlighted the impact of the 2023 exchange rate liberalization and increased domestic refining capacity led by the Dangote refinery. Despite this positive outlook, S&P warned that inflation and poverty remain major risks to Nigeria's economy.