S&P’s latest position places Nigeria on a stronger footing ahead of future reviews and sends a positive message to global investors assessing opportunities in Africa’s largest economy.
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Centre Hails CBN, Cardoso On Inflation Fight, Reserve Boost
The Centre for Economic Growth and Monetary Reforms (CEGMR) has applauded the Central Bank of Nigeria (CBN) for its disciplined monetary policy stance, which it says is beginning to deliver concrete economic results for the country.
In a statement signed by its Executive Director, Dr. Mary Odoma, the group expressed satisfaction with the direction of current policies under the leadership of CBN Governor Olayemi Cardoso.
Dr. Odoma noted that the recent slowdown in inflation, recovery in Nigeria’s foreign reserves, and renewed investor confidence were signs that the economy was stabilising after a prolonged period of volatility.
“We commend the CBN governor for maintaining a steady course, especially through difficult transitions. His consistent messaging and commitment to orthodox monetary policy are now yielding measurable progress,” she said.
According to the latest figures from the National Bureau of Statistics, Nigeria’s inflation rate fell to 23.71 percent in April 2025, down from 24.23 percent in March.
While the decline may appear modest, CEGMR said the reversal of the inflationary trend—particularly in food and core inflation—was a major milestone, given the cost-of-living pressures households have faced over the past year.
“Monetary policy is not magic, but discipline pays off. This turnaround reflects the CBN’s resolve to prioritise stability over short-term political convenience. Cardoso is showing Nigerians and the world that professionalism and patience still matter,” Dr. Odoma said.
The CEGMR further pointed to the CBN’s efforts in rebuilding external reserves, which recently surged past $38.9 billion, marking a significant improvement in Nigeria’s macroeconomic fundamentals.
“This signals restored credibility, and helps anchor the naira against external shocks. A few months ago, the narrative was bleak. But today, we are seeing greater confidence in the naira and fewer distortions in the foreign exchange market,” she said.
She attributed the reserve rebound to a combination of FX reforms, tightened monetary policy, and reduced short-term obligations by the CBN.
“This is a marked departure from past interventions that drained reserves without addressing core structural issues. The new CBN leadership is choosing sustainability over optics,” she added.
Dr. S Odoma said the Centre believes the apex bank is also succeeding in restoring investor confidence, pointing to international ratings agency upgrades and positive GDP forecasts as signs that the financial community is watching Nigeria’s progress closely.
“With GDP projected to grow by over 4 percent this year, the signals are promising. But they must be protected. Policy consistency must be preserved,” the group admonished.
The CEGMR stated that much of this momentum was owed to Cardoso’s emphasis on transparency and data-driven decision-making.
“He is returning central banking to its rightful role as a stabilising force—anchored in research, clear communication, and accountability. This is what had been missing,” she said.
Dr. Odoma however warned that the current gains must be deepened through coordinated action across government agencies.
She called on fiscal authorities to reinforce monetary efforts by tackling food insecurity, energy supply bottlenecks, and insecurity that affects production.
“Inflation isn’t only a monetary issue. Structural problems must also be addressed. But at least now we have a monetary policy foundation that makes progress possible.”
While acknowledging the pressures on households and businesses, CEGMR encouraged the CBN not to rush into easing interest rates prematurely.
“A premature rate cut would undo the credibility that has taken months to build. The Bank must be allowed to consolidate its gains and guide the economy toward lower inflation without risking a relapse.”
She also urged the National Assembly and other political actors to support the CBN by resisting populist pressures that could undermine its autonomy.
Dr. Odoma concluded by expressing confidence in the capacity of the Central Bank under Cardoso to steer Nigeria through its current challenges and toward long-term stability.
“The CBN’s performance under Cardoso has restored hope in responsible macroeconomic management. For the first time in years, Nigerians are beginning to see a glimmer of economic order return. That alone is worth applauding.”
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Abdulsamad Rabiu, the founder of BUA Group, has emerged as the fastest-growing African billionaire in 2025.
His wealth rise in 2025 is higher than Africa’s richest man, Aliko Dangote and other African billionaires.
According to the latest data from the Bloomberg index, Rabiu’s net worth has increased by $5.25 billion in 2025, bringing his total net worth to $8.4 billion as of Friday, November 14.
In comparison, Dangote who has a total net worth of $29.8 billion, has gained $1.75 billion from January to November 14, 2025.
The increase in Rabiu’s wealth is thanks to the performance of his key assets on the Nigerian Exchange: BUA Cement and BUA Foods, two of the largest companies in the country.
However, Dangote remains Africa’s wealthiest individual for total net worth
A Lagos-based financial analyst, Kelvin Umeni, said: “Rabiu’s companies have been performing strongly. If you check the half-year results of his two companies, you will realize he is doing very well. I am not surprised, and I expect him to hit a $10 billion net worth soon.”
Other African billionaires on the Bloomberg billionaire index have also recorded impressive gains this year but not at the same pace with Rabiu.
Johann Rupert, Africa’s second-richest man, has a total net worth of $18.4 billion as at Friday, an increase of $4.79 billion from the start of the year. His wealth is driven by stakes in Richemont.
Nicky Oppenheimer, another South African billionaire known for his holdings in De Beers, has gained $2.18 billion so far in 2025, bringing his wealth to $13.7 billion. While Egyptian billionaire Naguib Sawiris wealth totals $10.1 billion, which is a YTD increase of $3.23 billion.
His fellow countryman, Nassef Sawiris net worth currently stands at $9.42 billion, a $727 million growth in 2025.
South African entrepreneur Natie Kirsh fortune has increased by $530 million, taking his total net worth to $9.86 billion.
It is important to note that Dangote remains Africa’s richest man by a distance, but for wealth gain in 2025, Abdulsamad Rabiu is the rising star.
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has welcomed the decision of S&P Global Ratings to revise Nigeria’s outlook to “positive” from “stable,” describing it as a signal that reforms in the financial system are gaining traction.
S&P announced the upgrade on Friday citing improving policy coordination, strengthened monetary management and steps taken to restore confidence in the Nigerian economy.
The revision shows that Nigeria is now viewed as having a better chance of achieving stronger credit fundamentals over the medium term. This means S&P now sees Nigeria as more likely to strengthen its economic and financial stability in the coming years, based on recent policy improvements.
In practical terms, the agency believes the country has a stronger chance of earning a future credit rating upgrade if current reforms are sustained.
Speaking at a strategic session in Abuja, Cardoso said the development reflects the steady progress recorded in stabilizing key economic indicators since the beginning of the year.
According to him: “This is encouraging news for the country. It shows that our efforts to restore stability, strengthen governance frameworks and rebuild trust in the financial system are being recognized internationally.”
The Governor noted the CBN’s actions—ranging from tighter monetary policies to enhanced foreign exchange market operations—have contributed to clearer market signals and better investor confidence.
“The Central Bank has brought stability to the economy and become a beacon of hope,” he stated.
Cardoso added that the improved outlook should motivate both public and private sector stakeholders to sustain ongoing reforms that support growth, investment, and long-term macroeconomic resilience.
The Federal Government on Saturday said it has earmarked 40,000 hectares of land for 2025/2026 dry season wheat production and registered 80,000 farmers, with an expected output value of approximately ₦160 billion.
The Minister of Agriculture and Food Security, Abubakar Kyari, disclosed this during the official flag-off of the 2025/2026 dry season wheat production programme under the National Agricultural Growth and Agro Pocket Project (NAGSAP) in Jere Local Government Area of Borno State.
Speaking at the ceremony, the minister said that out of the 40,000 hectares earmarked for wheat production this dry season, 3,000 hectares have been allocated to Borno State, representing 6,000 registered wheat farmers.
He said: “Under the 2023/2024 dry season wheat production programme, a total of 107,429 registered farmers were supported with critical subsidized inputs, resulting in an output valued at ₦474,628,000 billion. During the 2024/2025 dry season, 279,297 registered farmers received support, with an output valued at ₦893,750,004 billion.
“For the current 2025/2026 season, the programme is targeting 80,000 registered farmers with an expected output value of approximately ₦160 billion.”
Kyari emphasized that the NAGSAP programme will deploy Agricultural Extension Agents to guide farmers on modern agronomic practices and provide continuous field-level advisory services.
“In addition, Fertiliser and Seed Quality Control Officers will be mobilised to ensure that all inputs delivered to farmers meet the required standards, thereby guaranteeing higher productivity and improved yields,” Kyari added.
According to him, the wheat component of the NAGSAP programme covers sixteen states of the federation.
“These are Adamawa, Bauchi, Borno, Cross River, Gombe, Kaduna, Kano, Kebbi, Niger, Plateau, Sokoto, Taraba, Yobe, and Zamfara. The inclusion of Cross River last year expanded wheat production into the southern region for the first time and strengthened our national capacity to diversify production across ecological zones,” he said.
Kyari noted that the project is designed to include women and young people, enabling them to access training and agricultural opportunities.
“NAGSAP is deliberately designed to leave no one behind. The program ensures that farmers across communities—including women and young people, who play vital roles in our agricultural workforce—have equitable access to inputs, training, and opportunities.
“The success of any agricultural season depends on the quality of inputs that reach our farmers. Without certified seeds, accurate fertilizer blends, and timely access to crop protection products, no level of effort in the field can deliver the yields we require as a nation. This is why NAGSAP places strong emphasis on input quality, traceability, and transparent delivery systems, ensuring that every farmer receives the right inputs at the right time to achieve higher productivity and better returns,” he said.
Also speaking, the Governor of Borno State, Babagana Zulum, applauded the Federal Government for its continuous support towards irrigation development.
“Mr President’s commitment to food security and national productivity provides the foundation upon which programs like this are built,” he stated.
According to him, Borno State, with its vast arable and irrigable land—especially within the Lake Chad Basin—remains one of Nigeria’s most promising agricultural frontiers.
He said: “Today is more than a ceremony; it is a celebration of hope, resilience, and our unwavering commitment to ensuring that no family in Borno State goes hungry and no farmer is left behind. Despite the challenges of displacement, insecurity, and climate shocks, Borno State remains steadfast in growing its own food and empowering its people.”
The governor reaffirmed his administration’s commitment to sustaining all-season farming through the provision of essential infrastructure, logistics, modern machinery, improved seeds, fertilizers, agrochemicals, and other inputs required to boost productivity and support farmers across the state.
“Here in Borno State, wheat cultivation is not just a program; it is a transformative initiative. Through targeted investments in irrigation, mechanization, quality inputs, and extension services, we are equipping farmers to achieve higher yields, enhance productivity, and contribute meaningfully to national output.”
He further stated: “Borno State has achieved remarkable milestones under our people-centered agricultural vision. Our input support programmed have reached tens of thousands of smallholder farmers, resettled households, women, and youth, providing improved seeds, agrochemicals, and agronomic guidance.”
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