Nigeria, Nov. 16 -- The recent upgrade of Nigeria's credit rating by S&P Global Ratings is an indication that the economic reforms implemented by the current administration are gaining traction and yielding results, Minister of Finance and Coordinating Minister of the Economy Wale Edun has said.

The minister said this in a statement posted by the Federal Ministry of Finance on X (formerly Twitter) on Saturday, while noting that the policy measures deployed by the government are attracting considerable recognition from reputable global institutions.

"Coming in the same year that Moody's and Fitch Ratings each issued improved assessments of Nigeria's credit position, S&P's latest action means that all three of the world's major ratings ag...