Fitch Ratings has said the coronavirus pandemic and the oil price shock have caused a severe impact on credit rating in Nigeria and some other sub-Saharan African countries.
The report said, “Fitch forecasts the median real gross domestic product for rated SSA sovereigns will contract by 2.1 per cent in 2020, before returning to growth at four per cent in 2021, which is barely above trend growth.
“The shock has hit the main African oil exporters –Angola, the Republic of Congo, Gabon and Nigeria – particularly hard given their high reliance on oil revenue for fiscal and external financing and the indirect dependence of the non-oil sector on oil revenue.”
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