Moody's Investors Service has today affirmed the B1 long-term issuer rating of the Government of Nigeria with a stable outlook.
The key drivers are as follows:
1.) Medium term growth prospects remain robust despite the current challenging environment, with the rebound in oil production helping to rebalance the economy over the next two years;
2.) The government's balance sheet remains strong relative to its peers, resilient to the contractionary environment and temporarily elevated interest payments while the authorities pursue their efforts to grow non-oil taxes.
The long-term local-currency bond and deposit ceilings remain unchanged at Ba1. The long-term foreign-currency bond and deposit ceilings remain unchanged at Ba3 and B2, respectively.
