By Babajide Komolafe
Standard andPoor’s, yesterday, retained Nigeria’s sovereign credit rating at B/B, stable economic outlook.
In a statement, the company projected that Nigeria’s economy will grow by 1.5 percent in 2017 and by 3.4 percent by 2020.
The company said: “The ratings on Nigeria are constrained by our view of its low level of economic wealth, real GDP per capita trend growth rates below those of peers with similar levels of development, and future policy responses that may be difficult to predict due to the highly centralised political environment.
“We expect Nigeria’s economy to achieve real GDP growth by improve-ments in the oil sector and improved government budget execution under its recently-released Economic Recovery and Growth Plan 2017-2020.”