Nigeria’s economic managers are in high spirits after S&P Global Ratings upgraded the country’s outlook to Positive from Stable, a move they say confirms that President Bola Ahmed Tinubu’s sweeping reforms are delivering real results.
In separate statements on Saturday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Central Bank Governor, Olayemi Cardoso, hailed the upgrade as another global endorsement of Nigeria’s economic direction.
Edun noted that S&P’s action completes a trio of favourable assessments for Nigeria in 2025, following similar upgrades by Moody’s and Fitch earlier in the year.
“Coming in the same year that Moody’s and Fitch Ratings each issued improved assessments of Nigeria’s credit position, S&P’s latest action means all three of the world’s major ratings agencies now acknowledge the significant progress we are making,” Edun said in a statement via the Ministry’s X handle.
“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.”
CBN Governor Cardoso, in a statement posted on the apex bank’s X account, also praised the revision, attributing it to the policies that have stabilised the country’s macroeconomic environment.
“The CBN has brought stability to the economy and become a beacon of hope,” Cardoso said while addressing a strategic session in Abuja.
S&P Global Ratings had cited improving economic indicators and sustained reform momentum as reasons for the revised outlook.
“Broad-based structural indicators are starting to improve following reform momentum that has been maintained since mid-2023,” the agency stated.
Since assuming office in May 2023, President Tinubu has rolled out major reforms including petrol subsidy removal and exchange rate unification—moves aimed at boosting investor confidence and unlocking economic growth.
Between mid-2023 and 2024, Nigeria allowed its currency to weaken by roughly 70 percent to attract foreign capital, a difficult adjustment that also triggered inflation and a cost-of-living squeeze. Despite these challenges, key markers such as external reserves have strengthened, hitting $43.4 billion as of last week.
S&P added that it expects the implementation of new tax laws in 2026 to further improve fiscal efficiency and strengthen government revenue.
Fitch and Moody’s had earlier revised Nigeria’s outlook to Positive in April and May 2025, respectively signalling a growing consensus among global rating agencies that reforms are gaining traction.
