S&P affirms Nigeria

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

Ratings are supported by external and fiscal positions that are among the strongest of all BB rated sovereigns, the agency noted.

Prospects for continued robust economic growth also support the rating, S&P said.

Ratings are constrained by long-standing political and ethnic tensions and fragile institutions that complicate the challenge of improving weak governance and accountability, S&P said, as well as by wide prosperity disparities that constrain policy flexibility.

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