Cardoso Hails S&P’s Upgrade, Says CBN Now Beacon Of Economic Stability

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has applauded the latest assessment by S&P Global Ratings, which revised Nigeria’s outlook to positive from stable on Friday.

Speaking at a strategic session held in Abuja, Cardoso said the upgrade was a clear indication that the bank’s policy reforms were yielding results.

He noted that over the past year, the CBN had undertaken deliberate steps to stabilise the nation’s macroeconomic environment, restore confidence, and rebuild the credibility of Nigeria’s monetary framework.

According to the Governor, S&P’s revised outlook reinforces the growing optimism about Nigeria’s economic direction.

“This recognition further validates the progress we have made. The Central Bank has brought stability to the economy and is fast becoming a beacon of hope,” he said.

Cardoso added that the CBN would continue to implement disciplined and transparent policies aimed at strengthening the financial system, curbing inflation, and supporting sustainable economic growth.

He assured stakeholders that the new outlook signals brighter prospects for investment, improved market confidence, and a firmer foundation for long-term development.

S&P Global Ratings had revised its outlook on Nigeria to “positive” from “stable” on Friday, backing the country’s ongoing economic reforms, and also affirmed the country’s rating at “B-/B”.

“The monetary, economic, and fiscal reforms being implemented by Nigerian authorities will yield positive benefits over the medium term,” S&P said in a statement.

In May, Moody’s upgraded Nigeria’s rating by one notch to “B3” from “Caa1”, citing notable improvements in the country’s external and fiscal positions, while Fitch last month kept its “B” rating and “stable” outlook.

In 2023, President Bola Tinubu launched Nigeria’s boldest reforms in decades, scrapping the costly petrol subsidy and removing currency trading restrictions to spur growth and attract foreign investment.

Analysts said that, if sustained, these reforms could support long-term economic expansion, though implementation hurdles and global oil price volatility still pose risks.

To bridge fiscal gaps, Nigeria has turned to debt markets. Last week, the country raised $2.35bn through a Eurobond issuance to help finance its 2025 budget deficit, while continuing to borrow domestically.