S&P upgrades Nigerian outlook to positive

Nigeria's economic outlook has been upgraded from stable to positive by Standard & Poor's ratings agency, the firm announced Thursday, citing reform efforts in Africa's largest oil producer. "The Nigerian government under President Goodluck Jonathan has been undertaking several important reform initiatives and is tightening its fiscal and monetary stance," the agency said.
"The authorities have restructured and strengthened the banking sector, and we expect economic growth to remain strong. We are revising our outlook to positive from stable ..." It also reaffirmed its B+/B long- and short-term issuer credit ratings for Nigeria, the continent's most populous nation.