The international credit rating agency, Moody’s Investors Service said for Nigeria to improve it must have the ability to generate revenue.
Moody’s explained that the country’s economy, external positions and public finances are expected to stabilise but its continued dependence on oil and gas will create challenges in the coming years.
The Vice President, Moody’s, Aurélien Mali says Nigeria and Angola have seen their credit profiles come under pressure following the oil price shock in 2014.
He added that revenue generation remains a key weakness for Nigeria, while Angola will find it hard to cut its already sizeable debt load as its kwanza currency continues to depreciate
