S&P Global Ratings has upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”, citing improvements in the country’s macroeconomic profile, external position, and ongoing economic reforms. The US-based global ratings agency announced the upgrade on Friday while affirming Nigeria’s short-term ratings at “B” with a stable outlook. According to S&P, higher oil production and prices, increased domestic refining capacity, and the liberalisation of the foreign exchange market in 2023 have strengthened Nigeria’s economic growth and balance of payments position.................…...READ MORE