Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has applauded the latest decision by S&P Global Ratings to revise the country’s outlook from Stable to Positive while affirming its B-/B sovereign credit rating.
In a statement on X on Saturday, reacting to the development, Edun described the move as a significant endorsement of the economic reforms being implemented by the Tinubu administration.
“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.”
S&P’s upward revision marks the third time this year that a major global ratings agency has improved its assessment of Nigeria, following similar actions by Moody’s and Fitch. According to Edun, the convergence of these ratings is a testament to the administration’s progress.
“Coming in the same year that Moody’s and Fitch Ratings each issued improved assessments… means that all three of the world’s major ratings agencies now acknowledge the significant progress we are making,” he noted. “This alignment reflects tremendous confidence in the direction of our fiscal, monetary, and structural reforms.”
Edun highlighted S&P’s recognition of Nigeria’s strengthening indicators, including improving growth prospects, rising external buffers, and clearer monetary policy outcomes. “These positive signals reinforce our commitment to staying the course,” he stated, emphasising that the reforms are beginning to yield measurable benefits despite the challenges ahead.
The minister also credited President Bola Ahmed Tinubu for what he described as courageous leadership. “I commend His Excellency President Bola Ahmed Tinubu for his unwavering leadership and political courage in advancing reforms that had been delayed for far too long,” Edun said.
He further acknowledged citizens’ endurance during the reform process. “I also acknowledge the resilience and patience of the Nigerian people, whose understanding and support remain central to our success.”
Edun assured Nigerians and global investors that the administration will maintain policy consistency aimed at restoring stability and stimulating growth. “We will continue to implement well-coordinated policies that restore macroeconomic stability, attract investment, and create opportunities for our citizens,” he affirmed. “The confidence shown by global ratings agencies strengthens our resolve to deliver a stronger, more dynamic, and more prosperous Nigerian economy.”
