CBN hosts S&P global team for Nigeria’s credit rating review

Abdullateef Fowewe

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso met with Standard & Poor’s (S&P Global) sovereign ratings team on May 6, 2026, as part of the periodic review of Nigeria’s credit ratings.

The visiting team, led by Roberto Sifon-Arevalo, Global Head of Sovereign Ratings, engaged in productive discussions with Cardoso during a series of meetings with key government agencies, according to a CBN statement released Thursday.

Cardoso underscored Nigeria’s economic progress, stating the country boasts “credit strengths, improved resilience, macroeconomic stability, and the clear gains from recent reforms across key areas of the economy.”

He added that leadership remains committed “to staying the course and consolidating the gains from the reform phase into sustainable growth and development.”

Nigeria currently holds a B- sovereign credit rating from S&P with a positive outlook, upgraded from stable in November 2025 amid better policy coordination, external balances, and growth in oil and non-oil sectors.

These reviews could impact foreign investment, borrowing costs, and naira stability.