Nigeria's credit rating upgraded

S&P Global Ratings has upgraded Nigeria's sovereign credit rating to 'B' from 'B-', signaling growing investor confidence in the country's economic trajectory.

The upgrade is attributed to the impact of President Bola Tinubu's aggressive economic reforms, including significant foreign exchange adjustments and improved macroeconomic stability.

S&P noted that while challenges remain, the government's policy shifts are beginning to yield positive results in the oil sector and fiscal management.

This move is expected to bolster Nigeria's ability to attract international investment and lower its borrowing costs.