Business
S&P upgrades Nigeria’s credit rating, FG reacts
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.
“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.
T ’ &
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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Business
TMDK Group celebrates 25th anniversary, vows to continue building Nigeria’s Energy, agro-industrial future
Diversified Nigerian conglomerate, TMDK Group, has marked its 25th anniversary with a renewed commitment to expanding investments in Nigeria’s energy, agriculture, manufacturing and industrial sectors.
The silver jubilee celebration brought together employees, business associates, customers, partners, financial institutions and other stakeholders who joined the Group in reflecting on its journey and celebrating a quarter-century of enterprise, resilience and investment.
Founded 25 years ago by Alhaji Amadu Sule Leda, TMDK Group has evolved from a small real estate investment company into a diversified investment group with significant interests spanning downstream petroleum, petroleum infrastructure, logistics, agro-processing and manufacturing.
The milestone, according to the company, represents not only an opportunity to celebrate its achievements but also a platform to reaffirm its commitment to investing in sectors capable of strengthening Nigeria’s productive capacity, creating employment and supporting sustainable economic development.
Speaking at the anniversary celebration, Suhailu Ismaila, Acting Managing Director of TMDK Agro Park, described the Group’s 25-year journey as one defined by resilience, strategic investment and an enduring commitment to Nigeria.
He said the company’s next phase would build on the foundation established over the past two and a half decades by pursuing investments that create long-term economic value.
“Twenty-five years is a significant milestone. It reflects years of resilience, strategic investments and commitment to national development. We are celebrating what has been achieved, but we are equally focused on what lies ahead,” he said.
Expanding Nigeria’s Energy Infrastructure
Over the past 25 years, TMDK says it has established a growing presence in Nigeria’s downstream petroleum industry through investments in petroleum storage, distribution and logistics infrastructure.
The Group’s petroleum operations are focused on strengthening the supply chain and improving the availability and efficient distribution of refined petroleum products to industrial and commercial customers.
Through its investments in storage and logistics infrastructure, TMDK has continued to contribute to the development of Nigeria’s downstream petroleum value chain at a time when efficient storage, transportation and product distribution remain critical to the country’s energy security.
The company said it intends to deepen these investments as part of its broader strategy to support Nigeria’s evolving energy needs and strengthen the resilience of the downstream petroleum supply chain.
From Agriculture to Agro-Industrial Processing
TMDK’s diversification into agriculture has also become a major component of its growth strategy.
At the TMDK Agro Park in Kaduna State, the company is developing an integrated agro-industrial food-processing platform designed to serve both human and animal consumption, while connecting agricultural production with large-scale industrial processing and value addition.
The facility processes maize, soybeans and other agricultural commodities into a range of products, including corn flour, corn grits, edible vegetable oil and animal feed. The company is also developing capacity for the production of pasta and noodles.
David Onabajo, Chief Operating Officer of the Agro Park, said the integrated nature of the facility was designed to create stronger links between farmers, processors and consumers.
According to him, the objective is to move beyond the production and sale of raw agricultural commodities by creating additional value within Nigeria.
“The Agro Park is designed to strengthen local value addition, provide reliable markets for farmers and contribute to Nigeria’s food security by reducing dependence on imported food products,” he said.
The investment is expected to support farmers by creating more reliable off-take opportunities while strengthening domestic processing capacity and expanding employment opportunities across the agricultural value chain.
Investment, Employment and Local Value Creation
The company said its diversification strategy is driven by the belief that sustainable economic growth requires investment in productive sectors capable of generating employment and creating value locally.
The Group’s operations now bring together different elements of the economy, including energy infrastructure, logistics, agriculture and industrial processing.
The anniversary therefore marks a transition from the company’s first 25 years of establishment and consolidation into what management describes as a new phase focused on expansion, innovation and deeper investment.
The Group expressed appreciation to its employees, customers, business partners, financial institutions, regulators and host communities for their contributions to its development.
Tamwakat Barde, Human Resource Manager, said TMDK would continue to prioritise responsible business practices, innovation, operational excellence and employee welfare.
She said the company recognises that its people remain central to its ability to achieve its long-term objectives.
Recognising Employees
The anniversary also provided an opportunity for TMDK to recognise employees whose contributions have supported the company’s growth.
Bilkisu Suleiman, an employee of the Group, recalled receiving the Chairman’s Award Silver Category after joining the company in January 2025.
“I started working with TMDK in January 2025, and by December 2025, I was awarded the Chairman’s Award Silver Category. This award gave me great joy because it meant the time and effort I put into the growth of the company was seen and acknowledged,” she said.
She urged management to sustain initiatives that recognise and reward employees who demonstrate commitment and excellence.
The company said employee welfare and recognition would remain important components of its corporate culture as it enters its next phase of growth.
Giving Back to Host Communities
Beyond its commercial activities, TMDK said it remains committed to supporting communities connected to its operations.
Abba Aminu, Site Operations Manager at the Agro Park, commended the management for its contributions to society through donations and the provision of food supplies during important festive periods, including Sallah, Christmas and New Year celebrations.
He said such initiatives demonstrated the company’s recognition of its responsibilities to the communities in which it operates.
READ ALSO: In Kaduna, TMDK Group is strengthening Nigerias energy, food security
Looking Ahead
The 25th anniversary comes at a critical period for Nigeria, as the country seeks to attract greater private-sector investment into energy, agriculture, manufacturing and other productive sectors to accelerate economic diversification and improve national productivity.
For TMDK Group, the anniversary is therefore both a celebration of the past and a statement of intent for the future.
The Group said it plans to build on its existing investments by pursuing projects capable of improving energy infrastructure, expanding agro-industrial processing, creating jobs and strengthening domestic value chains.
For Alhaji Amadu Sule Leda, the founder of the Group, the next chapter is anchored on a continuing belief in Nigeria’s potential and the capacity of Nigerian businesses to build globally competitive enterprises from within the country.
Onabajo described the founder as a businessman whose vision continues to shape the Group’s direction.
“Our CEO is a visionary who believes in Nigeria. He is a resilient Nigerian patriot who believes in the Nigerian enterprise,” he said.
As TMDK Group begins its next 25 years, the company says its ambition remains firmly rooted in investment, enterprise and national development — with a strategy centred on building productive assets, creating employment and contributing to the transformation of Nigeria’s energy and agro-industrial landscape.
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