LAGOS — The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, hosted a delegation from S&P Global Ratings on Wednesday to review the nation’s strengthening macroeconomic stability and fiscal trajectory.
The S&P team, led by Global Head of Sovereign Ratings Roberto Sifon-Arevalo, conducted the visit as part of a periodic review of Nigeria’s credit profile following months of aggressive policy reforms.
Governor Cardoso highlighted the clear gains from recent interventions, emphasizing improved resilience and a commitment to consolidating these wins. He noted that Nigeria is transitioning from a reform phase to sustainable growth.
Nigeria currently holds a ‘B-‘ long-term sovereign credit rating from S&P. This rating was reaffirmed with a “positive” outlook in October last year, reflecting expectations that reforms will gradually diminish fiscal risks.
The discussions focused on the bank’s leadership in stabilizing the economy. The Governor reaffirmed the commitment to staying the course, ensuring that policy gains translate into long-term development for the nation.
“The Governor emphasised the country’s leadership’s commitment to staying the course and consolidating the gains from the reform phase into sustainable growth and development,” CBN said in a post on X (Twitter).
This high-level engagement follows a historic first quarter where the Nigerian Stock Exchange All-Share Index crossed 200,000 points. Market confidence remains high as transaction values hit a record N4.15 trillion in March.
Recent data from the Upstream regulator shows a steady climb in crude oil production. This, alongside the scaling operations of the Dangote Refinery, provides a robust backdrop for the S&P credit assessment.
The visit included meetings with key ministries to verify data on fiscal transparency. A positive outcome from this review could further enhance Nigeria’s standing in the international debt capital markets.
