Nigeria saw its crude oil production increasing to 1.782 million bpd in November surpassing that of Angola, thereby regaining its production as Africa’s top oil producer.

Moody's Investors Service has today affirmed the B1 long-term issuer rating of the Government of Nigeria with a stable outlook.

Nigeria's central bank left its benchmark Monetary Policy Rate (MPR) at 14.0 percent, citing the importance of price stability and the limitations of monetary policy in influencing economic output and employment under conditions of stagflation.

While subdued US dollar supply in the context of prolonged lower oil prices remains a key challenge for corporates in Nigeria, especially those companies constrained by foreign exchange restrictions on certain imports, growth prospects over the next three years are attractive, Moody's Investors Service said in a report.