Reacting to the upgrade, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the decision adds to recent positive assessments from Fitch Ratings and Moody’s, reflecting growing global optimism about Nigeria’s recovery efforts.

He noted that the Tinubu administration’s ongoing reforms are beginning to strengthen economic stability and restore credibility in financial management.

According to Oyedele, key policy actions such as foreign exchange reforms, improved fiscal discipline, and enhanced revenue collection are helping to create a more transparent and stable economic environment.

He explained that the rating upgrade was driven by improvements in Nigeria’s external finances, higher oil output, increased local refining capacity, and stronger export potential.

The minister also highlighted reforms in tax administration and debt management, saying these measures have contributed to easing pressure on the country’s debt profile and improving long-term fiscal sustainability.

Oyedele said the positive outlook from global rating agencies sends a strong signal to international investors that Nigeria is making progress in rebuilding economic confidence.

He added that the Federal Government will continue implementing reforms across all levels while engaging stakeholders to ensure long-term economic benefits for citizens.

He further stressed that key reforms, including the removal of fuel subsidies, will not be reversed, arguing that they previously strained public finances and encouraged inefficiencies in the system.

The minister maintained that Nigeria remains committed to a market-driven economy that supports private sector growth, investment, and fair competition.

While welcoming the improved rating, Oyedele acknowledged ongoing economic challenges such as inflation, food insecurity, and unemployment.

He said the government’s focus is to ensure that the benefits of reforms translate into real improvements in living standards through job creation, price stability, and stronger growth.

Oyedele also expressed appreciation to Nigerians for enduring the hardship associated with reforms, adding that the improved global outlook could help attract investment and financing on more favourable terms.

He concluded that the administration’s long-term goal is to build a more resilient and globally competitive economy that delivers opportunities and sustainable development for citizens.