International ratings agency, Fitch Ratings has revised the outlook on Nigeria’s long-term foreign and local currency issuer default ratings (IDRs) to negative from stable, putting it at ‘B+’.
According to the agency, the revision of the Outlook on Nigeria’s reflected tight liquidity and low oil production, which have so far led to the country’s recession since 1994.
While the economy contracted through the first three quarters of 2016, Fitch now estimates a growth of -1.5 per cent in 2016 as a whole and expects a limited economic recovery in 2017, with growth of 1.5 per cent, which it said is well below the 2011-15 annual growth average of 4.8 per cent.
