Edun, Cardoso Hail S&P Outlook Upgrade to Positive, Pledge Deeper Reforms for Nigeria’s Economic Turnaround

. CBN gov seeks collaboration to build robust credit system 

Festus Akanbi

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso have welcomed S&P Global Ratings’ decision to revise Nigeria’s sovereign outlook to Positive from Stable, pledging that the government will press ahead with coordinated policies to entrench macroeconomic stability.

This is just as Cardoso called for collaboration to build a robust credit economy that supports development and empowers citizens. 

In a statement issued yesterday, Edun described the upgrade, which maintained Nigeria’s long- and short-term ratings at ‘B-/B’, as a resounding validation of the fiscal, monetary, and structural reforms spearheaded by President Bola Tinubu’s administration.

“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,” he said.

The upgrade brings S&P in line with Moody’s and Fitch Ratings, which earlier this year improved Nigeria’s credit standing, marking a rare consensus among the world’s three leading rating agencies on the country’s reform trajectory.

“This alignment reflects tremendous confidence in the direction of our fiscal, monetary, and structural reforms, and in the renewed strength and stability of our economy,” Edun noted.

He pointed out that S&P’s action mirrors the agency’s acknowledgement of brighter growth prospects, bolstered external reserves, and more effective monetary policy transmission—outcomes now emerging as the reforms bed down.

“These positive signals reinforce our commitment to staying the course,” the minister stressed. “While we are fully aware that more work lies ahead, the foundations we are building today will support inclusive and sustainable growth for years to come.”

Edun commended President Tinubu for his “unwavering leadership and political courage” in implementing long-overdue changes, while saluting Nigerians’ resilience during the adjustment period.

“We will continue to implement well-coordinated policies that restore macroeconomic stability, attract investment, and create opportunities for our citizens,” he assured.

“The confidence shown by global ratings agencies strengthens our resolve to deliver a stronger, more dynamic, and more prosperous Nigerian economy.”

Similarly, Cardoso, also welcomed the decision of S&P Global Ratings to revise Nigeria’s outlook to “positive” from “stable,” describing it as a signal that reforms in the financial system are gaining traction.

Speaking at a strategic session in Abuja, Cardoso said the development reflects the steady progress recorded in stabilising key economic indicators since the beginning 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 noted the CBN’s actions—ranging from tighter monetary policies to enhanced foreign exchange market operations—have contributed to clearer market signals and better investor confidence. 

“The Central Bank has brought stability to the economy and become a beacon of hope,” he stated.

Cardoso added that the improved outlook should motivate both public and private sector stakeholders to sustain ongoing reforms that support growth, investment, and long-term macroeconomic resilience.

S&P’s latest position places Nigeria on a stronger footing ahead of future reviews and sends a positive message to global investors assessing opportunities in Africa’s largest economy.

In another development, Cardoso has called for collaboration to build a robust credit economy that supports development and empowers citizens. 

 Cardoso made the call at the weekend at the 2025 Africa Credit Expo in Lagos, organised by CreditRegistry in partnership with Afreximbank.

 The event, with the theme ‘Unlocking Africa’s Finance Story’, brought together financial leaders and innovators to explore solutions to bridge credit gaps across the continent.

 It created an opportunity to advance credit intelligence, financial inclusion, and digital innovation to aid trade growth across Africa.

 Cardoso, represented by CBN’s Deputy Director, Fidelis Odia, said a strong and efficient credit system remains central to sustainable economic growth.

 He said access to credit empowers entrepreneurs, strengthens small businesses, and supports the job creation needed for long-term economic stability.

 He added that the apex bank had pursued structural reforms to strengthen Nigeria’s financial infrastructure and improve data-driven credit decisions. 

Cardoso noted that the bank had upgraded technology to make credit more accessible, affordable, and inclusive for citizens and businesses.

 He said building a resilient continental credit culture required collaboration, trust, and active participation from all stakeholders.

 Cardoso urged participants to pursue partnerships and develop innovative solutions that address Africa’s unique credit challenges.