Standard & Poor retains Nigeria’s economy rating at BB-negative

Standard & Poor, the global ratings agency, has said latest assessment of Nigeria, showed that despite the impact of the global crude oil prices on most economies, the country’s economy retained the sovereign rating at BB- with a negative watch.

In April 2014, the agency said the country’s rating stood at BB-.with a negative outlook, meaning the agency has adjusted its rating slightly by placing the country on negative watch.

It attributed its decision to the pressure of falling oil prices on the economy as well as political risk.

“Nigeria has not been downgraded, but the country clearly needs to work harder to actualize its recently announced policy response to the current economic challenges,” the Minister of Finance, Ngozi Okonjo-Iweala, said.

The agency said other oil producing countries, like Saudi Arabia, had also been put on negative watch, while a number of others, including Kazakhstan, Bahrain and Oman were downgraded outright.

According to Mrs. Okonjo-Iweala, it was important to note that in spite of the serious challenges arising from the sharp fall in oil prices, Nigeria was still doing quite well, compared to some other oil producing countries.

She said while the economies of Russia and Venezuela were projected to contract and experience negative growth this year, Nigeria’s gross domestic product, GDP, has been projected by the International Monetary Fund to grow by 4.8 per cent, which is quite robust by global standards.

The minister noted two implications of the new rating, including that the economy, despite many challenges, was retaining key strengths, while striving to work harder to turn the strengths into real value for the country and its citizens.


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  • fe

    I’m glad that despite the challenges facing the Nigerian economy, we still have the confidence that foreign investors still see our economy has viable and strong. This is a welcome development considering the fact that the opposition want us to believe that heaven is already falling on Nigeria’s economy. Kudos madam Iweala for shielding our economy for the raining day such as this.

  • Shade

    We must commend the minister of finance for making Nigeria the largest economy in Africa,i commend Dr Ngozi Okonjo-Iweala for prudent management of the economy.

  • mohammed

    In spite of the challenges,Nigeria is doing quite well,compared to other countries,we owe this to madam Ngozi Iweala,her contribution and commitment to the economy growth is truely amazing

  • mohammed

    We Nigeria’s do not value things that are being done by Dr Ngozi Okonjo-Iweala she deserves to be praised,GOD bless you Maam.

  • josh

    DR Ngozi
    has fulfilled her promises,she can still do a lot better,it could have been
    worse.Nigeria’s should learn to appreciate her work.“Nigeria has not been downgraded, but the country clearly needs to work harder to actualize its recently announced policy response to the current economic challenges,NOI said,she really knows her work well