Standard and Poor rates Nigerian economy ‘stable’ – Okonjo-Iweala
Standard & Poor (S&P), an American financial services company, has said that the Nigerian economy remains strong with a stable macro-economic outlook, confirming Fitch’s 2012 ratings.
“We have the outcome of the 2013 rating which is a very positive one; the rating confirms the ongoing rating stance which is BB minus with a stable outlook,” she said. “So, they have confirmed that the rating we had last year stands, which means that many positive things are happening in this economy.
“They have also acknowledged the challenges we have, of course, and they have looked at those, but the summary is that in spite of these challenges, they think that the Nigerian economy is strong and the macro-economic indicators strong.
“The agency also views the economy positively in the light of the redeemed N1.7 trillion Non-Performing Loans purchased by the Asset Management Company of Nigeria (AMCON), which will be finally written off its books.”
Standard and Poor, equally views non-oil sector development, especially growth in agriculture, retail, telecoms and power as positive.
Sanusi said that for Nigeria to have retained its rating of BB, at a time countries such as the United States had its rating downgraded, showed that the Nigerian economy was well-managed.
[Nigerian Telegraph]