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Moody’s upgrades outlook on Nigeria to positive

Moody’s upgrades outlook on Nigeria to positive

 Ratings agency Moody's revised its outlook on Nigeria to positive from stable, citing a possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts. The agency also affirmed its "Caa1" long-term foreign currency and local currency issuer ratings. Nigerian President Bola Tinubu is seeking to boost growth and attract billions in new investment after taking charge of Africa's biggest economy, which is grappling with shortages of foreign exchange, low oil output and widespread insecurity. Tinubu has undertaken the country's boldest reforms in decades by scrapping a popular but costly fuel subsidy in May,…
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