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US65412AEK43 taglio 1000
non ancora HY ma da monitorare ?
Nigeria is the largest country in Africa, both in terms of the size of its economy (USD 415bn in 2016) and its population (189m in 2016). After years of stellar growth, the fall in energy prices has resulted in the country's first recession in more than 20 years. We expect the economy to recover this year and next, but don't foresee growth rates returning to previous highs anytime soon. We consider further progress on the exchange rate liberalization as crucial for Nigeria's medium-term growth outlook, together with other reforms and measures that can improve the security situation in the country.
Both Moody's and S&P rate the country at B1 and B, respectively. Nigeria has seen several rating downgrades in recent quarters, but the recent recovery in energy prices and further moderate upside should bode well for the sovereign's credit worthiness.