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Standard and Poor’s places Nigeria's sovereign status on a negative credit watch.
| February 12, 2015
Standard and Poor’s, an international credit rating agency, has placed Nigeria’s ‘BB-’ sovereign status on a negative credit watch saying there is a 50 percent chance that Nigeria's credit rating will be downgraded at its next review. S& P said, "Nigeria's credit will be downgraded if we believe the policy response on the external and fiscal side will fall short, or if political risks rise significantly. We now forecast an average current account deficit of 1.8% of GDP in 2015-2017, compared with our previous expectation of a surplus averaging 3.3%.” In an interview with BusinessDay newspaper S&P said it expects Nigeria’s profile “to compare favourably” with other peer countries at about 22% of GDP for 2015-2018 but warns that it will be challenging for government revenues to service an aggregate debt stock almost twice its size. The next ratings release from S&P is due on March 20 about a week before the presidential elections (March 28).

(2) Comment


"The views and opinions expressed in these comment(s) or article(s) do not necessarily reflect the views or opinions of NGEX, its partners or its affiliates."
OMOTAYO, J. A.    Eldoret, KENYA    February 15, 2015
S&P's rating is a confirmation that the Nigerian economy is nose diving, but not growing as Mr. Jonathan and his economic team would want us to believe. QED.

This is another reason for "Change". There is, therefore, no room for "Continuity".
God save Nigeria.
OMOTAYO, J. A.    Eldoret, KENYA    February 13, 2015
The final answer to a solved Mathematical problem usually ends with QED. Those of us who have been critical of every government fiscal policy and spending have been proved right. And consequently, Mrs. Ngozi Okonjo-Iweala's supposed financial-cum-economic wizardry has been proved faulty. QED.

It is now obvious that holding paper qualifications alone is not a guarantee for good management. Also it is obvious that the voices of critics should not be ignored by a regime that wants to serve the people. The deaf ears turned to criticisms by Mr. Jonathan and his team of marauders is another reason for "Change". There can be no room for "Continuity" in mismanagement and maladministration especially when lives of over 170 million Nigerians are at risk.
God save Nigeria
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