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Credit Rating Agency Upgrades Nigeria's Outlook

Credit rating agency Standard and Poors has revised Nigeria's economic outlook from stable to positive.

In a statement, the rating agency says the Nigerian government, under President Goodluck Jonathan, has undertaken several important reform initiatives and is tightening its fiscal and monetary stance.

It says authorities have restructured and strengthened the banking sector, adding that it expects economic growth to remain strong.

While in office, Mr. Jonathan has introduced several measures to improve transparency and improve efficiency. He has also backed plans to develop Nigeria’s gas reserves and improve the national electricity grid.

Standard and Poors cautions that ratings for Nigeria are constrained by the country's internal political tensions, weak political institutions and low level of development.

Some information for this report was provided by AFP and Reuters.