Nigeria’s credit problem worsens

Nigeria international credit rating has dropped from its 76th position in September last year to 77th in September this year, one point down the scale.
This was revealed by the UBA monthly Business and Economic Digest for the month of October.
Quoting institutional investor figure the UBA monthly digest noted that in the credit rating of 109 odd nations worldwide, Nigeria’s position moved down.
On a scale of 100, the magazine awarded a credit rating of 20.8 to Nigeria in September 1987.
This reveal a decline of 1.2 points within the last six months.
According to the source, over the earlier twelve months (September 1986 – September 1987) Nigeria credit rating was down from 22.8 to 20.8 a loss of two credit points.
Japan tops the list of nations with a credit rating of 95.4 in September 1987. North Korea was at the bottom of the pack with a credit rating of only 4.3 in the same period.
On the whole, the rating of 77 countries fell and every region in the survey showed a decline.
Only two countries the Philippines and East Germany gained a full point or more while 34 others fell at least a point, the amount of change the institutional investor considers statistically significant.
On regional average rating Africa registered the second largest decline in September 1987. Africa credit rating fell to 19.6 down 0.9 from the March 1987 survey and a fall of 2.0 points from a year ago.
Twenty of the 25 nations in this region registered declines, largely because of the depressed prices in the commodities they export.
The Institutional Investor, the digest said, is a highly reputable international monthly financial publication which is closely watched in the major money centre of the world.