This is a redox reaction where oxidation and a reduction occur.
Here, Mg goes to Mg²⁺ by changing its oxidation number from 0 to +2 while S goes to S²⁻ by reducing its oxidation state from 0 to -2 . Hence Mg is oxidized by S in the reaction.
Reducing agent is a substance which reduces other substance by oxidizing itself. Hence, the reducing agent of this reaction is Magnesium.