Credit Rating Agency Upgrades Nigeria's Outlook

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　　In a statement, the rating agency says the Nigerian government, under President Goodluck Jonathan, has undertaken several important reform initiatives and is tightening¹ its fiscal² and monetary³ stance.

　　It says authorities have restructured and strengthened the banking⁴ sector⁵, adding that it expects economic growth to remain strong.

　　While in office, Mr. Jonathan has introduced several measures to improve transparency and improve efficiency. He has also backed plans to develop Nigeria’s gas reserves and improve the national electricity grid⁶.

　　Standard and Poors cautions that ratings for Nigeria are constrained⁷ by the country's internal political tensions, weak political institutions and low level of development.

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