ABUJA (Reuters) – Ratings agency S&P on Friday affirmed Nigeria’s credit rating at “B-/B” but turned negative on its outlook, citing increasing risks to the country’s debt servicing capacity over the next one-to-two years.
Nigeria, a major oil exporter, has faced production shortages in recent years due to crude theft, though output has begun to recover. It has also suffered chronic dollar shortages and high debt service which has eaten into government revenues.
(Reporting by Chijioke Ohuocha, and Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber)