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Home » News

S&P upgrades Nigeria’s sovereign rating to B from B-, citing stronger oil output and FX reforms

By

Opeyemi Olanrewaju

Opeyemi Olanrewaju

2 mins read

May 16, 2026

Central Bank of S&P upgrades Nigeria's sovereign rating to B from B-, citing stronger oil output and FX reforms

S&P Global Ratings upgraded Nigeria’s credit rating to B from B-, citing higher oil production, expanded refining capacity, and the positive effects of the 2023 naira float.

The move follows upgrades from both Fitch and Moody’s over the past year, though rising inflation driven by the Iran war remains a risk.

The World Bank expects Nigeria’s economy to grow about 4.2% in 2026.

Nigeria’s economic outlook received a significant lift after S&P Global Ratings announced on May 15 that it had upgraded the country’s credit rating from B- to B, citing improving macroeconomic conditions and economic reforms.

According to the ratings agency, stronger oil production, improvements in domestic refining capacity, and the decision to float the naira in 2023 have all contributed to bettering the country’s economic position.

The S&P Global announcement mentioned that the main drivers for this upgrade were the Sub-Saharan countries’ rising crude oil production, higher oil prices, and an increase in their refining capacity. The decision to unpeg the country’s exchange rate made in 2023, ending decades of carefully managed currency pegs, was also mentioned as an important factor.

“We expect Nigeria’s real GDP per capita to rise 1.4% on average per year until 2029, a significant improvement on the 1% yearly contraction, on average, over the past decade,” S&P said in its statement.

Can seem to find the ticker with any broker

FTSE 100 plunged after Andy Burnham’s campaign to return to Westminster triggered turmoil in bond markets.

Britain’s flagship stock market fell 1.7pc – the biggest drop since the first weeks of the Iran war – as UK government borrowing costs rose to their highest level since 1998 in the wake of Mr Burnham’s leadership push.

Bank stocks dropped by more than 2pc over concerns of potential taxes on profits while utility company shares plummeted by as much as 7.6pc over fears they could be nationalised.

FTSE 100 plunged after Andy Burnham’s campaign to return to Westminster triggered turmoil in bond markets.

Britain’s flagship stock market fell 1.7pc – the biggest drop since the first weeks of the Iran war – as UK government borrowing costs rose to their highest level since 1998 in the wake of Mr Burnham’s leadership push.

Bank stocks dropped by more than 2pc over concerns of potential taxes on profits while utility company shares plummeted by as much as 7.6pc over fears they could be nationalised.

Seplat Energy, Nigeria's leading independent oil and gas producer, has secured a significant offshore drilling services contract valued at SAR 347.6 million (approximately $92.6 million) from ADES Holding Company. The deal, announced earlier this month, marks the second rig contract ADES has won in Nigeria and underscores Seplat's active expansion in upstream activities, according to Zawya as of 05/13/2026.

The contract highlights Seplat's strategic partnerships in the region amid fluctuating global energy prices. Seplat Energy shares (SEPL) traded at 174.00 on the latest reported session on the Nigerian Exchange, reflecting a -0.85% change, per historical data from Investing.com. This development is relevant for US investors tracking emerging market energy plays with exposure to African oil production.

Saudi drilling contractor ADES Holding has won a new contract in Nigeria for the jackup Shelf Drilling Victory, bolstering its position in one of West Africa’s most active offshore markets.

The agreement, signed with Seplat Energy, covers a firm period of two years and includes two optional one-year extensions.

The deal is valued at around SAR347.6m ($92.7m) for the firm term, including mobilisation and demobilisation fees as well as the share of ADES’ local partner.

Seplat Energy's four analysts are now forecasting revenues of US$3.1b in 2026. This would be a meaningful 12% improvement in sales compared to the last 12 months. Before the latest update, the analysts were foreseeing US$2.7b of revenue in 2026. It looks like there's been a clear increase in optimism around Seplat Energy, given the nice gain to revenue forecasts.

The most important thing to take away from this upgrade is that analysts lifted their revenue estimates for this year. They're also forecasting more rapid revenue growth than the wider market. There was also an increase in the price target, suggesting that there is more optimism baked into the forecasts than there was previously. Given that analysts appear to be expecting substantial improvement in the sales pipeline, now could be the right time to take another look at Seplat Energy.

“Standout growth from Seplat Energy shows that the market continues to reward operational discipline and strong strategic positioning,” Brand Finance Nigeria Managing Director Babatunde Odumeru said in the report.

In addition, Seplat won the Energy Company CSR Excellence Award at the Energy Times Awards 2026 and was named Outstanding Energy Company of the Year 2025 at the Industry Newspaper Awards, reflecting its community investment and sustainability initiatives.

Chief Executive Officer Roger Brown said earlier this year that the company’s expansion into offshore operations, alongside strong onshore output, had strengthened cash flow and lowered its cost of debt.

Seplat has said it remains on track to deliver a planned $1 billion cumulative return of capital to shareholders by 2030, as it seeks to balance growth, shareholder returns and Nigeria’s energy transition objectives.

Seplat Energy Plc to Report Q1, 2026 Results on Apr 29, 2026

Seplat Energy Plc, Annual General Meeting, May 20, 2026

Feb 27

A meeting to look forward to or meeting to dare?

Before Tony Elumelu’s shareholding in the Nigerian leading energy company, Seplat, was among the market movers that rarely move, irrespective of earnings or other price-sensitive developments.

Elumelu’s Heirs Energies became the largest shareholder in Seplat Energy PLC after acquiring a 20.07% stake for $496 million from French company Maurel & Prom.

As of January 2026,Tony Elumelu has been appointed to the Seplat board as a non-executive director to help guide the firm’s strategic direction.

Trading data showed that Seplat rose to N10,450 per share, boosting its market value by 9.4% or N900 in a single sweep, from its previous position of N9,550.

With 599.994 million outstanding shares, Seplat Energy’s market value inched higher to N6.269 trillion. #Seplat Energy Tops N10k Per Share Financial System Liquidity Surges 19% on OMO Bill InflowBefore Tony Elumelu’s shareholding in the Nigerian leading energy company, Seplat, was among the market movers that rarely move, irrespective of earnings or other price-sensitive developments.

Elumelu’s Heirs Energies became the largest shareholder in Seplat Energy PLC after acquiring a 20.07% stake for $496 million from French company Maurel & Prom.

As of January 2026,Tony Elumelu has been appointed to the Seplat board as a non-executive director to help guide the firm’s strategic direction.

Trading data showed that Seplat rose to N10,450 per share, boosting its market value by 9.4% or N900 in a single sweep, from its previous position of N9,550.

With 599.994 million outstanding shares, Seplat Energy’s market value inched higher to N6.269 trillion. #Seplat Energy Tops N10k Per Share Financial System Liquidity Surges 19% on OMO Bill Inflow

Broken through £5.00 with strength.. any new news out there?