Nigeria’s Ministry of Finance, the Central Bank and the Debt Management Office are disagreeing with Moody’s downgrade of the country’s debt rating from B1 to a B2 stable rating.
The government agencies say Nigeria emerged from a protracted recession and recorded improvements across a broad range of indices.
According to the government, these include the 0.55 per cent economic growth in the second quarter of 2017, which saw the country exit its worst recession.
Other factors include consecutive improvement in the country’s PMI, taming inflation levels since January 2017, and the recent the world bank ease of doing business report which took the country 24 places up.