CBN Governor Applauds S&P’s Upgrade of Nigeria’s Outlook

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has welcomed the decision of S&P Global Ratings to revise Nigeria’s sovereign outlook to “positive” from “stable”, describing it as a clear validation of the country’s ongoing economic reforms.

Cardoso, speaking at a strategic session in Abuja on Friday, said the upgrade reflects the renewed confidence in Nigeria’s monetary and fiscal direction. According to him, the CBN’s policy discipline and reforms over the past year have “brought stability to the economy and positioned the Bank as a beacon of hope.”

S&P announced the outlook revision on November 14, citing improved macroeconomic indicators, strengthened policy coordination, and the positive impact of structural reforms introduced by the Federal Government. The global ratings agency noted progress in foreign-exchange liberalisation, revenue mobilisation, and efforts to rebuild investor confidence.

The CBN Governor said the favourable rating was a strong signal to international markets that Nigeria is on a credible path to recovery. He added that the central bank will continue to prioritize exchange-rate stability, inflation moderation, and the strengthening of the financial system.

Cardoso expressed optimism that the improved rating outlook would support Nigeria’s efforts to attract investment, ease borrowing costs, and consolidate the gains of recent reforms. He emphasized that sustaining policy consistency will remain central to the Bank’s agenda.

S&P’s positive outlook suggests the possibility of a future upgrade if Nigeria maintains its reform momentum and continues to achieve measurable macroeconomic improvements.