The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has 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.

S&P announced the upgrade on Friday citing improving policy coordination, strengthened monetary management and steps taken to restore confidence in the Nigerian economy.

The revision shows that Nigeria is now viewed as having a better chance of achieving stronger credit fundamentals over the medium term. This means S&P now sees Nigeria as more likely to strengthen its economic and financial stability in the coming years, based on recent policy improvements.

In practical terms, the agency believes the country has a stronger chance of earning a future credit rating upgrade if current reforms are sustained.

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. (The Nation)