Wale Edun, minister of finance and coordinating minister of the economy, has described Standard and Poor’s (S&P) recent upgrade of Nigeria’s credit outlook as evidence that the government’s stringent reform agenda is beginning to deliver results.
Gatekeepers News reports that the international rating agency announced on November 14 that Nigeria’s outlook had moved from stable to positive, a shift Edun said reflects growing global confidence in the country’s economic direction.
Reacting to the development on Saturday, he said, “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 noted that the acknowledgment adds to similar improvements issued earlier in the year by Moody’s and Fitch, meaning that all three major global agencies now agree that Nigeria is making meaningful progress.
Edun said this alignment demonstrates broad confidence in ongoing fiscal, monetary, and structural reforms, as well as in the renewed strength of the economy.
He added, “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.”
According to him, these indicators reaffirm the government’s determination to remain committed to its economic overhaul, even as more work still lies ahead. Edun said the reforms being implemented are laying the groundwork for long-term, inclusive, and sustainable economic expansion.
He praised President Bola Tinubu for providing the leadership required to push through policies that had long been postponed and also expressed appreciation for the patience of Nigerians, “whose understanding and support remain central to our success.”
Edun explained that the government will continue to pursue coordinated policies targeted at restoring macroeconomic stability, attracting investment, and expanding opportunities for citizens.
He added that the growing confidence from global rating agencies strengthens Nigeria’s resolve to build a stronger and more resilient economy.
In a separate comment issued on Saturday, the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, also welcomed S&P’s assessment. Speaking during an engagement in Abuja, he said the central bank has played a key role in stabilising the economy and is becoming a beacon of hope.
