Edun, CBN hail S&P’s upgrading of Nigeria’s global rating to positive
The Minister of Finance and Coordinating Minister of the economy, Mr. Olawale Edun, yesterday hailed the upgrade of Nigeria’s credit outlook by Standard and Poor’s (S&P), saying it is an indication that the difficult but necessary reforms being implemented are enjoying strong recognition from respected global institutions.
His position was echoed by the Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso.
S&P announced the upgrade on Friday, citing improving policy coordination, strengthened monetary management and steps taken to restore confidence in the Nigerian economy.
Commenting on the development yesterday, Edun said the rating also shows that the country was earning strong recognition from respected global institutions.
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.
