{"id":24258,"date":"2011-12-29T14:22:45","date_gmt":"2011-12-29T14:22:45","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/12\/nigeria-economic-outlook-upgraded-due-to-reforms\/"},"modified":"2011-12-29T14:22:45","modified_gmt":"2011-12-29T14:22:45","slug":"nigeria-economic-outlook-upgraded-due-to-reforms","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/12\/29\/nigeria-economic-outlook-upgraded-due-to-reforms\/","title":{"rendered":"Nigeria: Economic Outlook Upgraded Due to Reforms"},"content":{"rendered":"<hr class=\"thin clear\" \/>\n<hr class=\"thin clear\" \/>\n<p><a href=\"http:\/\/www.rnw.nl\/africa\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" src=\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/rnw180.png\" alt=\"Radio Netherlands Worldwide (Hilversum)\" title=\"Visit Radio Netherlands Worldwide (Hilversum)\" \/><\/a><\/p>\n<p>29 December 2011<\/p>\n<hr class=\"thin clear\" \/>\n<p>Nigeria&#8217;s economic outlook has been upgraded from stable to positive by Standard &#038; Poor&#8217;s ratings agency, the firm announced Thursday, citing reform efforts in Africa&#8217;s largest oil producer.<\/p>\n<p>&#8220;The Nigerian government under President Goodluck Jonathan has been undertaking several important reform initiatives and is tightening its fiscal and monetary stance,&#8221; the agency said.<\/p>\n<p>&#8220;The authorities have restructured and strengthened the banking sector, and we expect economic growth to remain strong. We are revising our outlook to positive from stable &#8230;&#8221;<\/p>\n<p>It also reaffirmed its B+\/B long- and short-term issuer credit ratings for Nigeria, the continent&#8217;s most populous nation.<\/p>\n<p>Nigeria has been pursuing economic reforms including a controversial measure to cut fuel subsidies, which the government says has amounted to more than $8 billion this year.<\/p>\n<p>Economists and government officials view the move as essential to allow for more spending on the country&#8217;s woefully inadequate infrastructure and to ease pressure on its foreign reserves.<\/p>\n<p>Nigerians however view the subsidy, designed in part to hold petrol prices at 65 naira per litre ($0.40, 0.30 euros), as their only benefit from the nation&#8217;s oil wealth.<\/p>\n<div><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/allafrica.com\/img\/csi\/00190006_c462f3092574af7978df09f557e62921\/w260x.jpg\" width=\"260\" height=\"195\" align=\"right\" border=\"0\" \/><\/p>\n<p><a href=\"http:\/\/s317.photobucket.com\/albums\/mm391\/billysboss2005\/?action=view&#038;current=GAL_AbujaRoads_2.jpg\">Photobucket<\/a><\/p>\n<p>Building roads in Abuja<\/p>\n<\/div>\n<p>Nigeria&#8217;s central bank head Lamido Sanusi has also led sweeping bank reforms seen as having pulled the sector out of crisis. Finance Minister Ngozi Okonjo-Iweala is a highly respected former World Bank managing director.<\/p>\n<p>However, the country has also seen worsening violence blamed on Islamists and warnings from the Christian population that they will defend themselves against further attacks. Standard &#038; Poor&#8217;s noted concerns over the situation.<\/p>\n<p>Nigeria relies tremendously on the oil industry for revenue, and the ratings agency pointed out that crude exports accounted for 72 percent of current account receipts in 2010.<\/p>\n<p>&#8211; <em>ANP\/AFP<\/em><\/p>\n<p>AllAfrica &#8211; All the Time<\/p>\n<p><\/p>\n<fieldset>\n<legend align=\"center\"><strong>More News on allAfrica.com<\/strong><\/legend>\n<\/fieldset>\n<p><a name=\"c|main|main|id|0DzLXrPmXFxpUFXF\"><\/a><\/p>\n<hr \/>\n","protected":false},"excerpt":{"rendered":"<p> 29 December 2011 Nigeria&#8217;s economic outlook has been upgraded from stable to positive by Standard &#038; Poor&#8217;s ratings agency, the firm announced Thursday, citing reform efforts in Africa&#8217;s largest oil producer. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-24258","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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