*CBN Governor Olayemi Cardoso and Finance Minister Wale Edun
Mkpoikana Udoma
Port Harcourt — Nigeria’s economic reform drive has received a major vote of confidence after S&P Global Ratings revised the country’s outlook from “stable” to “positive,” a development the government said signals renewed investor trust and the strengthening of macroeconomic fundamentals.
At a strategic session in Abuja, Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, said the improved rating reflects the stability restored to the economy following months of coordinated monetary tightening and FX market reforms.
Cardoso said the S&P upgrade shows that the CBN’s reforms are finally breaking through global skepticism.
According to him, the Bank has “brought stability to the economy and become a beacon of hope,” adding that Nigeria is beginning to reclaim credibility in global financial markets.
Similarly, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, issued a statement celebrating the development, saying the upgrade is proof that Nigeria’s difficult reforms are working.
“I am delighted to receive the news that S&P Global Ratings has revised Nigeria’s outlook to Positive from Stable while affirming our ‘B-/B’ rating. This development is yet another clear signal that the difficult but necessary reforms we are undertaking are gaining traction and earning strong recognition from respected global institutions.”
Edun noted that S&P’s revision aligns with earlier positive assessments from Moody’s and Fitch, marking the first time in years that all three major global rating agencies have simultaneously acknowledged Nigeria’s reform progress.
“As S&P rightly noted, Nigeria’s reform programme is already beginning to yield benefits, with improved growth prospects, strengthening external buffers, and clearer monetary policy outcomes,” he said. “These positive signals reinforce our commitment to staying the course.”
The minister credited President Bola Ahmed Tinubu for what he described as “unwavering leadership and political courage” in pursuing reforms that had long been delayed. He also praised Nigerians for their resilience, saying their patience remains crucial to sustaining the recovery.
“We will continue to implement well-coordinated policies that restore macroeconomic stability, attract investment, and create opportunities for our citizens,” Edun said. “The confidence shown by global ratings agencies strengthens our resolve to deliver a stronger, more dynamic, and more prosperous Nigerian economy.”
The S&P upgrade is expected to bolster Nigeria’s appeal to foreign investors, strengthen credit access, and enhance the country’s positioning in global capital markets at a time when the government is pushing aggressively to stabilise inflation, deepen FX liquidity, and boost revenue.
