S&P affirms Nigeria

Standard & Poor's said it affirmed its BB- long-term foreign currency, BB long-term local currency and B short-term sovereign credit ratings on the Federal Republic of Nigeria.

The outlook is stable.

According to the agency, the ratings on Nigeria are constrained primarily by the fragility of Nigeria's political institutions and environment.

The April presidential elections were marred by violence and irregularities that brought to the fore the country's ongoing struggle with poor governance, corruption and weak accountability of the political elite, the agency added.

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