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Nigeria S&P upgrade hindered by wealth fund tension with states

Posted on 19 October 2012

Nigeria’s chance of a rating upgrade is being hindered by a lack of clarity over how its sovereign wealth fund will grow amid tensions with regional governments over revenue allocation, Standard & Poor’s said.
Increasing the size of the fund from its initial $1 billion is key to building up external buffers that are needed for an upgrade in the B+ rating of Africa’s biggest oil producer, Christian Esters, a sovereign analyst at S&P, said in a phone interview yesterday from Frankfurt………………………………………..Full Article: Source


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