Nigeria’s economic prospects are becoming more promising, thanks to the Central Bank of Nigeria’s (CBN) efforts to stabilise the economy. CBN Governor Olayemi Cardoso has welcomed the decision by S&P Global Ratings to revise Nigeria’s sovereign outlook to “positive” from “stable”, describing it as a validation of the country’s ongoing economic reforms.
Speaking at a strategic session in Abuja, Cardoso noted that the CBN has made significant progress in stabilising the economy, making it a beacon of hope for investors and citizens alike. The upgrade is expected to boost investor confidence, attract foreign investment, and support long-term economic growth.
Key Highlights:
- Improved Economic Outlook: S&P Global Ratings revised Nigeria’s outlook to “positive” from “stable”, citing improving policy coordination, strengthened monetary management, and steps taken to restore confidence in the Nigerian economy.
- CBN’s Efforts Paying Off: The CBN’s actions, including tighter monetary policies and enhanced foreign exchange market operations, have contributed to clearer market signals and increased investor confidence.
- Boost to Investor Confidence: The upgrade is expected to attract foreign investment, support long-term economic growth, and improve Nigeria’s creditworthiness.
Finance Minister Wale Edun echoed Cardoso’s sentiments, stating that the upgrade reflects tremendous confidence in Nigeria’s fiscal, monetary, and structural reforms. He commended President Bola Tinubu for demonstrating unwavering leadership and political courage in advancing reforms.
The upgrade follows similar positive assessments from Moody’s and Fitch Ratings earlier this year, indicating a promising trend for Nigeria’s economic prospects.
