Despite weak Q1 data leading us to revise down our growth forecasts in 2017, we maintain a broadly constructive outlook on prospects for Nigeria's economic recovery over the coming quarters. In addition to increasing oil output, an improvement in FX liquidity will boost investor sentiment.

Nigeria's economy will post a modest recovery over our

The Nigerian oil & gas sector continues to suffer from security issues and weak oil prices that drag down the ratings of indigenous oil & gas companies.

Significant oil oversupply and increase in oil inventories have contributed to the collapse in the global oil prices since 2H14. The 14-member OPEC, of which Nigeria is a member, was partially