CBN governor Cardoso hails S&P’s positive rating, saying reforms are restoring market confidence and putting Nigeria “on the right path.”
Abuja — Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has welcomed S&P Global Ratings’ decision to lift Nigeria’s outlook to “positive,” describing it as validation for reforms that are restoring market confidence.
Speaking at a strategic session in Abuja, Cardoso said the CBN’s measures are “anchoring stability across financial markets” and helping rebuild credibility after years of volatility. He added, “We have brought stability to the economy and become a beacon of hope,” emphasising the need for consistent policy amid global economic headwinds.
S&P cited the country’s monetary, economic, and fiscal reforms, stating they “will yield positive benefits over the medium term.” The upgrade follows Moody’s May move to B3 and Fitch’s stable B rating last month, underscoring growing investor confidence in reforms that began in 2023 under President Bola Tinubu.
Cardoso reaffirmed commitment to reform, saying Nigeria is “on the right path” as credibility deepens across global markets.