The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has expressed approval of S&P Global Ratings’ decision to upgrade Nigeria’s outlook to “positive” from “stable,” calling it an indication that ongoing financial system reforms are beginning to yield results.
S&P announced the revision on Friday, attributing it to better policy coordination, stronger monetary management, and measures aimed at improving confidence in the Nigerian economy.
The new outlook suggests that Nigeria is now considered more likely to achieve improved credit fundamentals over the medium term. It reflects S&P’s assessment that recent policy actions increase the country’s prospects for enhanced economic and financial stability in the future.
In practical terms, the agency now believes Nigeria stands a better chance of receiving a credit rating upgrade if current reforms continue.
During a strategy meeting in Abuja, Cardoso said the upgrade mirrors the consistent progress made in stabilising major economic indicators since the start of the year.
According to him: “This is encouraging news for the country. It shows that our efforts to restore stability, strengthen governance frameworks and rebuild trust in the financial system are being recognised internationally.”
The Governor pointed out that steps taken by the CBN—from tightening monetary policy to improving the operations of the foreign exchange market—have helped improve market clarity and boost investor confidence.
“The Central Bank has brought stability to the economy and become a beacon of hope,” he stated.
Cardoso further noted that the enhanced outlook should inspire both government and private-sector actors to continue with reforms that promote growth, investment, and long-term macroeconomic stability.
S&P’s updated stance places Nigeria in a more favourable position ahead of future assessments and sends a strong signal to global investors evaluating opportunities in Africa’s largest economy.
