Wale Edun: S&P upgrade confirms Nigeria’s tough reforms are gaining traction

Wale Edun, minister of finance and coordinating minister of the economy, says the upgrade of Nigeria’s credit outlook by Standard and Poor’s (S&P) indicates that the difficult but necessary reforms being implemented are beginning to gain traction.
On November 14, S&P upgraded Nigeria’s credit outlook from stable to positive.
Commenting on the development on Saturday, Edun said the rating also shows that the country was earning strong recognition from respected global institutions.
“I am delighted to receive the news that S&P Global Ratings has revised Nigeria’s outlook to Positive from Stable while affirming our ‘B-/B’ rating,” he said.
“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.
“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 that all three of the world’s major ratings agencies now acknowledge the significant progress we are making.”
Edun said the alignment reflects tremendous confidence in the direction of the country’s fiscal, monetary, and structural reforms, and “in the renewed strength and stability of our economy”.
“As S&P rightly noted, Nigeria’s reform programme is already beginning to yield benefits, with improved growth prospects, strengthening external buffers, and clearer monetary policy outcomes,” he said.
“These positive signals reinforce our commitment to staying the course. 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.”
The minister commended President Bola Tinubu for demonstrating unwavering leadership and political courage in advancing reforms “that had been delayed for far too long”.
He also acknowledged the resilience and patience of the Nigerian people, “whose understanding and support remain central to our success”.
The minister said the country will continue to implement well-coordinated policies aimed at restoring macroeconomic stability, attracting investment, and creating opportunities for citizens.
Edun added that the confidence shown by global ratings agencies strengthens the country’s resolve to deliver a stronger, more dynamic, and more prosperous Nigerian economy.
In a separate statement on Saturday by the Central Bank of Nigeria (CBN), Olayemi Cardoso, the bank’s governor, commended Nigeria’s rating by S&P.
Speaking at a session in Abuja, Cardoso noted that the CBN has helped stabilise the economy and has become a beacon of hope.