S&P Global Ratings revised its outlook on Nigeria to “positive” from “stable” on Friday, backing the country’s ongoing economic reforms, and also affirmed the country’s rating at “B-/B”.

“The monetary, economic, and fiscal reforms being implemented by Nigerian authorities will yield positive benefits over the medium term,” S&P said in a statement.

In May, Moody’s upgraded Nigeria’s rating by one notch to “B3” from “Caa1”, citing notable improvements in the country’s external and fiscal positions, while Fitch last month kept its “B” rating and “stable” outlook.

In 2023, President Bola Tinubu launched Nigeria’s boldest reforms in decades, scrapping the costly petrol subsidy and removing currency trading restrictions to spur growth and attract foreign investment.

Analysts said that, if sustained, these reforms could support long-term economic expansion, though implementation hurdles and global oil price volatility still pose risks.

To bridge fiscal gaps, Nigeria has turned to debt markets. Last week, the country raised $2.35 billion through a Eurobond issuance to help finance its 2025 budget deficit, while continuing to borrow domestically.