Nigerian Business News – One of the world’s leading credit rating agencies, Moody’s Investor Services, has said Nigeria’s GDP will grow by 2.5% in 2017.
This was stated by the agency’s Vice-President and Lead Analyst for Nigeria, Lucie Villa.
He also said the ongoing recovery in oil production, will see the country’s economy bounce back.
“The government’s balance sheet is strong, with debt at around 16.6 per cent of Gross Domestic Product in 2016,” Villa said.
“Also, despite its interest burden rising to 19.8 per cent of revenue, Nigeria’s capital markets remain a reliable and captive source of liquidity and funding for the government.”
Moody, however, said Nigeria’s weak institutional framework, especially in terms of “the rule of law, government effectiveness and control of corruption,” would have a significant impact on its economic growth and fiscal strength, and thereby constrain the country’s B1 rating.
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