The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has welcomed S&P Global Ratings’ recent upgrade of Nigeria’s economic outlook from “Stable” to “Positive.” Speaking at a strategic session in Abuja, Cardoso described the revision as clear recognition of the success of CBN’s policy reforms.
He highlighted that over the past year, the CBN has implemented deliberate measures to stabilize the macroeconomic environment, rebuild investor confidence, and restore credibility to Nigeria’s monetary framework.
“This recognition further validates the progress we have made,” Cardoso said. “The Central Bank has brought stability to the economy and is fast becoming a beacon of hope for financial markets and the nation at large.”
Sustaining Economic Confidence
Cardoso emphasized that the CBN remains committed to disciplined and transparent policy implementation, aimed at strengthening the financial system, curbing inflation, and supporting sustainable economic growth.
He assured stakeholders that the upgrade signals brighter prospects for investment, improved market confidence, and a firmer foundation for long-term development.
S&P’s assessment comes amid Nigeria’s ongoing economic reforms, which include the removal of the petrol subsidy, liberalization of currency trading, and other fiscal and monetary initiatives launched under President Bola Tinubu.
The rating agency reaffirmed Nigeria’s sovereign rating at B-/B, noting that these reforms are expected to deliver medium-term benefits.
Global credit rating agencies have also highlighted Nigeria’s improved economic stance.
In May, Moody’s upgraded the country’s rating to B3 from Caa1, while Fitch maintained Nigeria’s B rating with a stable outlook.
Analysts believe that sustained reforms, combined with debt management strategies such as the recent $2.35bn Eurobond issuance, could underpin long-term economic expansion despite potential risks from global oil price volatility.
