Fitch affirms Nigeria at B+

Fitch Ratings said it affirmed Nigeria's long-term foreign-currency issuer default rating at B+ with a negative outlook.

Fitch said the B+ rating reflects Nigeria's position as Africa's largest economy and most populous country, net external creditor position and well-developed domestic debt markets, balanced against a high level of hydrocarbon dependence, low levels of domestic revenue mobilization and GDP per capita, and low rankings on governance and business environment indicators.

The negative outlook reflects uncertainty about the sustainability of the economic growth momentum as the impact of earlier shocks eases and progress on addressing high interest service ratios, the agency explained.

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