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S&P upgrades Nigeria’s credit rating, FG reacts

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S&P Global Ratings has upgraded Nigeria’s credit rating from B- to B with a Stable Outlook, an indication that the US-based agency believes Nigeria’s economy is getting better.

The improved rating was disclosed by finance minister Taiwo Oyedele in an X post early on Saturday.

“This latest upgrade by S&P follows similar positive rating actions in 2025 by Fitch Ratings and Moody’s Ratings,” Mr Oyedele wrote.

PREMIUM TIMES reports that Fitch and Moody’s had upgraded Nigeria’s sovereign rating, with Fitch also raising the rating from B-to B with a stable outlook.

Mr Oyedele said the improved ratings by the three global ratings firms indicate their belief in President Bola Tinubu’s economic policies.

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“It further reinforces growing international confidence in Nigeria’s economic reform trajectory, policy consistency, and medium-term growth prospects,” he wrote.

Read Mr Oyedele’s full statement below.

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The Federal Government welcomes the decision by S&P Global Ratings to upgrade Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a Stable Outlook.

This latest upgrade by S&P follows similar positive rating actions in 2025 by Fitch Ratings and Moody’s Ratings. It further reinforces growing international confidence in Nigeria’s economic reform trajectory, policy consistency, and medium-term growth prospects.

These independent assessments collectively affirm that the difficult but necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu, GCFR, are yielding measurable results and laying the foundation for a more stable, transparent, and resilient economy.

In particular, S&P highlighted improvements in Nigeria’s external position, stronger balance of payments dynamics, increased oil production, expanding domestic refining and export capacity, and the sustained implementation of key macroeconomic reforms including foreign exchange market liberalisation.

The agency also recognised ongoing fiscal reforms aimed at broadening the tax base, improving public revenue mobilisation, enhancing fiscal transparency, and strengthening debt sustainability. Notably, Nigeria’s debt-to-revenue ratio has improved significantly since 2023 and is projected to decline further as reforms continue to mature.

The upgrades by Fitch, Moody’s, and now S&P send a strong signal to global investors, development partners, financial markets, and the international business community that Nigeria is regaining macroeconomic credibility and restoring confidence in the management of its economy.

The government remains firmly committed to prudent fiscal management, macroeconomic stability, and structural reforms that promote inclusive and sustainable growth. We have maintained our position against the reintroduction of inefficient fuel subsidies which historically created significant fiscal distortions, incentivised smuggling, weakened foreign exchange liquidity, and diverted scarce public resources away from critical national priorities.

We remain committed to a market-driven economy anchored on transparency, competition, and effective regulatory oversight. Accordingly, the Federal Government will continue to uphold policies that support free enterprise, respect private investment, and provide a stable and predictable environment for businesses and investors to thrive.

While these positive ratings developments are encouraging, we recognise that the work ahead remains substantial. We are focused on addressing inflationary pressures, improving food security, expanding decent job opportunities, and ensuring that economic growth translates into meaningful and inclusive prosperity for all Nigerians.

The Federal, States and Local Governments will continue to implement reforms with discipline, pragmatism, and compassion while maintaining close engagement with citizens and all stakeholders.

The Federal Government appreciates the resilience, patience, and support of Nigerians in this reform journey. The improving outlook from leading global rating agencies will further position our country to attract investments and and enhance the country’s ability to secure financing on more favourable terms. We are strengthened in our resolve to build a stronger economy that is globally competitive, fiscally sustainable, and works for all Nigerians.


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Mutual Benefits Assurance Reaffirms Commitment to Workforce Wellbeing with “Sweat It Out!” Event

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Mutual Benefits Assurance Plc in partnership with Hallmark Health Services Limited (Hallmark HMO), has reaffirmed its commitment to employee wellbeing by hosting the Retail Aerobic Dance & Wellness Day 2026, a vibrant initiative designed to promote healthy living, preventive healthcare and workplace wellness among its Retail Team.

Held under the theme “Sweat It Out!”, the event brought together Retail Managers across Mutual Benefits for an engaging day of fitness, health education and preventive medical screening.

The programme featured an enlightening health talk on Cardiovascular Health delivered by medical professionals from Hallmark HMO, alongside complimentary health screenings, including blood pressure and other vital health checks. Participants also took part in an energetic aerobic dance session aimed at encouraging active lifestyles while fostering teamwork, camaraderie, and employee engagement.

Speaking at the event, Alexander Lawal, Chief Retail Officer, Mutual Benefits Assurance Plc, emphasised that employee wellbeing remains fundamental to the company’s long-term success.

“Our people are our greatest asset. As an organisation that exists to provide security and peace of mind to millions of Nigerians, we recognise that this responsibility begins with caring for our own employees. The Retail Aerobic Dance & Wellness Day reflects our commitment to creating a workplace where our people are healthy, motivated, resilient and equipped to deliver exceptional service to our customers.”

Lawal added that promoting healthy lifestyles among employees contributes to higher productivity, stronger collaboration and a culture of excellence across the organisation.

Also speaking on the significance of the event, Dr. (Mrs.) Dotun Adeogun, Chief Executive Officer of Hallmark HMO, noted that preventive healthcare and daily healthy habits are essential for avoiding lifestyle-related illnesses like heart disease. Mutual Benefits is commended for leading by example in prioritizing employee well-being and building a healthier workplace culture.

The event concluded with an exciting aerobic fitness session, interactive wellness activities and prize presentations, reinforcing the message that healthy employees are happier, more engaged and better positioned to drive organisational success.

The Retail Aerobic Dance & Wellness Day forms part of Mutual Benefits’ broader employee engagement and wellness initiatives aimed at fostering a high-performing workforce, while encouraging healthier lifestyles across the organisation.

Mutual Benefits Assurance Plc is one of Nigeria’s leading insurance companies, with over 30 years of experience in providing reliable and innovative Life and General Insurance solutions to individuals, families and businesses. With a customer-centric approach built on trust, reliability and service excellence, the company remains committed to protecting lives, preserving assets and creating lasting value for its stakeholders through accessible insurance solutions and responsible corporate citizenship.

The post Mutual Benefits Assurance Reaffirms Commitment to Workforce Wellbeing with “Sweat It Out!” Event appeared first on Business Today NG.

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Elon Musk Says AI Could End Traditional Jobs, Predicts Era of ‘Universal High Income’

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Billionaire entrepreneur Elon Musk has predicted that artificial intelligence and humanoid robots will eventually perform most jobs currently done by humans, ushering in an era where governments may have to provide citizens with a universal income.

Speaking during a discussion with XPRIZE founder Peter Diamandis at the Abundance Summit, the Tesla and SpaceX CEO said the rapid advancement of AI and robotics would dramatically increase global productivity, making goods and services more abundant than ever before.

According to Musk, technological progress will reach a point where machines become capable of meeting nearly all human needs, leaving fewer employment opportunities for people.

“AI and robots are going to make so much stuff and provide so many services that they will actually run out of things to do for humans,” he said.

Musk explained that once artificial intelligence begins producing goods and services on a massive scale, economic output could expand far beyond current levels while human demand remains relatively limited.

He argued that such a shift would require a new approach to wealth distribution, suggesting that governments may eventually adopt what he described as a “universal high income” model.

“We’re basically just issuing money to people,” Musk said, adding that future economies could sustain such a system because the supply of goods and services would grow much faster than the money supply.

The tech billionaire maintained that this imbalance would create deflationary pressures, making products and services cheaper over time rather than triggering inflation.

Musk’s latest comments come amid growing global discussions about the impact of artificial intelligence on employment, with experts divided over whether AI will replace existing jobs or create new economic opportunities.

His remarks add to the broader debate over how governments, businesses and workers should prepare for a future increasingly shaped by artificial intelligence and automation.

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