Nigeria's credit rating upgrade: The road to 'A' remains long
via Punch Nigeria13 min read
Standard & Poor's has upgraded Nigeria's sovereign credit rating from B- to B, with a stable outlook, marking a significant endorsement of the country's economic reforms. This upgrade, following similar positive actions by other international rating agencies, signals to global investors that Nigeria is rebuilding macroeconomic credibility after years of policy distortions. While a 'B' rating is still speculative and far from investment grade, it indicates that difficult economic decisions are yielding measurable results. Key reforms include the liberalization of Nigeria’s foreign exchange market, which, despite initial challenges like Naira depreciation and inflation, has improved market functioning and strengthened external reserves. The removal of fuel subsidies is another bold fiscal reform, redirecting public resources towards infrastructure, education, and healthcare. The Central Bank of Nigeria has also played a crucial role in restoring monetary policy credibility through tighter policies, improved transparency in foreign exchange operations, and enhanced coordination with fiscal authorities. Fiscal reforms, such as improved revenue mobilization and tax administration, along with increased oil production and domestic refining capacity, have contributed to stronger fiscal metrics. However, challenges remain, including high inflation, low government revenue, high debt servicing costs, infrastructure deficits, unemployment, poverty, and governance weaknesses. To achieve a
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This summary was AI-generated from a story originally published by Punch Nigeria.
Must ReadThe United States has called on Nigeria to increase its efforts in protecting Christian communities from attacks and ensuring the safe return of internally displaced persons IDPs to their homes. This appeal was made by U.S. Assistant Secretary of State for African Affairs, Frank Garcia, during his visit to Abuja. Garcia held discussions with several senior Nigerian government officials, including the Minister of State for Foreign Affairs, Amb Sola Enikanolaiye; Chief of Defence Staff, Gen Olufemi Oluyede; Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN; Minister of Communications, Innovation and Digital Economy, Bosun Tijani; and the National Security Adviser, Nuhu Ribadu. According to a statement from the US Embassy in Abuja, the talks covered security cooperation, the protection of Christian communities, justice sector reform, digital transformation, commercial diplomacy, and regional stability. Garcia welcomed Nigeria’s increased efforts under the U.S.-Nigeria Joint Working Group to address the country’s designation as a Country of Particular Concern and pressed for more resources to be allocated for the safe return of IDPs. Discussions with the Attorney General focused on Islamic terrorism prosecutions, criminal accountability, and religious freedom. Garcia also explored opportunities for increased U.S. investment and private sector engagement in Nigeria's economy with Minister Tijani and met with executives from U.S. energy and techn
Must ReadThe Minister of Education, Dr Tunji Alausa, announced that the Federal Government will conduct a comprehensive nationwide household survey to determine a more accurate figure for Nigeria’s out-of-school children. Speaking at the 2026 Annual Education Summit of the Education Correspondents Association of Nigeria in Abuja, Alausa stated that the Federal Ministry of Education is collaborating with the National Bureau of Statistics to gather reliable data. He acknowledged that current estimates, ranging from 15 million to 20 million, need updating to guide policy decisions and interventions effectively. Alausa noted that over the past two years, more than one million out-of-school children have returned to classrooms, but accurate data is crucial for measuring progress. He also highlighted reforms under the Renewed Hope Agenda, including Technical and Vocational Education and Training, Science, Technology, Engineering and Mathematics, and digital transformation. Additionally, Alausa mentioned that Nigeria has achieved three consecutive years without academic disruptions in tertiary institutions and now has 24 universities ranked among the world’s top 1,000.
Dr. Mark Ofua, a wildlife conservation expert and veterinarian, has urged the Federal Government to enact and enforce laws protecting snakes and other wildlife species to reduce the spread of Lassa fever and other zoonotic diseases in Nigeria. Speaking on World Zoonoses Day, Ofua warned that the indiscriminate killing of natural predators like snakes leads to a proliferation of disease-carrying rodents, particularly multimammate rats that transmit the Lassa fever virus. He emphasized that snakes play a crucial role in controlling rat populations and that protecting them allows nature to manage these pests effectively. Ofua also called for public awareness campaigns to change perceptions about animals such as snakes, owls, and cats, which he considers important in preventing rodent-borne diseases. He highlighted that the widespread use of rodenticides is harming birds of prey like owls and eagles, as they consume poisoned rodents and die, further weakening natural pest control. Additionally, Ofua advocated for stricter regulation of the bushmeat trade, specifically banning the hunting, selling, and importing of primates due to the risk of Ebola transmission. He stressed that wildlife conservation is a strategy for sustainable resource management and public health protection, stating that healthy ecosystems are effective natural barriers against zoonotic disease outbreaks.