Nigeria’s economic outlook upgraded to positive by S&P Global Ratings — Edun
Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Abdullateef Fowewe
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has welcomed S&P Global Ratings’ decision to revise Nigeria’s outlook to Positive from Stable while affirming the country’s ‘B-/B’ credit rating.
Edun, in a statement by the Ministry of Finance on Saturday described the development as “yet another clear signal that the difficult but necessary reforms we are undertaking are gaining traction and earning strong recognition from respected global institutions.”
Edun highlighted that S&P’s revision complements similar upgrades earlier this year from Moody’s and Fitch Ratings, stating, “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.”
According to the Minister, S&P recognised that “Nigeria’s reform programme is already beginning to yield benefits, with improved growth prospects, strengthening external buffers, and clearer monetary policy outcomes.”
He emphasised the government’s commitment to continuing reforms, acknowledging “more work lies ahead, but the foundations we are building today will support inclusive and sustainable growth for years to come.”
Edun also praised President Bola Tinubu for his leadership, crediting him with “unwavering leadership and political courage in advancing reforms that had been delayed for far too long,” and expressed gratitude to Nigerians for their resilience and patience.
Concluding, the Minister said, “The confidence shown by global ratings agencies strengthens our resolve to deliver a stronger, more dynamic, and more prosperous Nigerian economy.”
