Sovereign credit rating upgrades
Figures below refer to 30 June 2025 unless stated otherwise.
The claim
All three major rating agencies upgraded Nigeria, citing the reform programme. S&P upgraded Nigeria to 'B' citing economic reforms and FX gains. Moody's upgraded on improved external and fiscal positions around June 2025. Fitch upgraded to 'B' citing reform measures.
Figures
Exact upgrade dates and prior notches should be verified on the agencies' own sites before being quoted precisely — the upgrades are well reported but the specific notch history was not independently confirmed in this corpus.
The counter-argument
A 'B' rating is still deep in speculative (junk) territory. An upgrade means the trajectory improved, not that Nigeria became a safe credit. Presenting it as a clean bill of health invites easy correction.
Sources
- The Nation — S&P upgrades Nigeria to Bthenationonlineng.net
- allAfrica — Moody's upgradeallafrica.com