S&P: Nigeria view positive

Standard & Poor's said it revised its outlook on the Federal Republic of Nigeria to positive from stable.

At the same time, the agency said it affirmed the B+/B long- and short-term issuer credit ratings and the ngA+/ngA-1 long- and short-term Nigeria national scale ratings. The transfer and convertibility assessment is unchanged at B+.

S&P said the outlook revision indicates that there is at least a one-in-three likelihood of an upgrade if Nigeria's reform initiatives support economic growth, build stronger buffers against Nigeria's dependence on petroleum revenue and reduce pressure on the exchange rate.

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