Nigeria

S&P upgraded Nigeria’s outlook from negative to stable while it affirmed its B-/B rating. While the nation grapples with limited oil production and subdued revenue collection, the new administration’s prospective reforms could enhance economic growth and fiscal results. Interest expenses on government debt consumed over 30% of last year’s revenue but are projected to decline to around 23% by 2026. Yet, the government’s tax revenue significantly lags behind its counterparts.