Why is Nigeria a core area of the HMK Group`s interest?
Our roots are in Nigeria. In 1980 the first company from Suru Group, Johnson Products of Nigeria has been the base for the start many years ago. Johnson Products of Nigeria Limited (JPN) is engaged in the manufacturing of cosmetics and toiletries, hair- and body care, household and hotel guest amenity products. With its factory and head office situated at Oregun, Lagos.
Standard & Poor’s Upgrades Nigeria’s Rating to Positive
Standard & Poor’s Ratings Services revised its outlook on the Federal Republic of Nigeria to positive from stable. At the same time, affirmed the ‘B+/B’ long- and short-term issuer credit ratings and the ‘ngA+/ngA-1′ long- and short-term Nigeria national scale ratings. The transfer and convertibility (T&C) assessment is unchanged at ‘B+’
The outlook revision indicates that there is at least a one-in-three likelihood of an upgrade if Nigeria’s reform initiatives support economic growth, build stronger buffers against Nigeria’s dependence on petroleum revenue and reduce pressure on the exchange rate. After national elections in May 2011 and strong GDP growth rates over the past few years, Nigeria has tightened its fiscal and monetary stance by reducing projected fiscal deficits and by raising its monetary policy rate. It plans to cut fuel subsidy, which we understand has been paid from the Excess Crude Account (ECA) in the past. This is one of several important reform initiatives President Goodluck Jonathan has promoted since he succeeded late President Yar’ Adua in February 2010. Over the past two years, the authorities have also strengthened the banking sector. The government furthermore aims to improve predictability and transparency in the oil sector by drafting and passing the Petroleum Industry Bill, and plans an overhaul of the country’s electricity sector that should reduce power supply constraints.
Sovereign Ratings And Country T&C Assessments
13-Jan-2012
AAA/Negative/A-1+ AAA/Negative/A-1+ AAA* New Zealand AA+/Stable/A-1+ AA/Stable/A-1+ AAA Nigeria B+/Positive/B B+/Positive/B B+ Norway | HTML
(Source: Standard & Poor’s)
More about Nigeria:
www.imf.org/external/country/NGA/index.htm
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