GCRA assures Nigeria of higher economic rating

Standard and Poor says Nigeria stands a chance of a higher global economic rating due to its macro-economic stability.

The Agency’s Managing Director, South Africa and Sub-Saharan Africa, Mr Konrad Reuss said in Abuja that for the past two years Nigeria had posted a strong balance sheet reflected in solid foreign exchange, low debt level and strong budget position.

He said the Agency was particularly impressed about the strong performance in the non-oil sector and the prudent fiscal policy.

Mr Reuss however said Nigeria was still facing serious challenges in the area of per capital income and called on the government to address poverty and infrastructural deficiency.

Responding, the Minister of State for Finance, Mr Remi Babalola said Nigeria deserved an improved rating based on the robust economic growth and strong macro economic performance.
 
Correspondent, reports that the Agency is expected to announce a new credit rating for Nigeria in April this year.