Global ratings agency, Fitch Ratings, says Nigeria will continue to experience a sluggish recovery, driven by the rebound in oil prices and the expansion of services.
The Ratings Agency predicted that the country’s GDP growth would average 2.2 per cent in 2019-2020, below its previous 10-year average of 4.2 per cent .
It said high unemployment and inflation would constrain private consumption while investment would be held back by tight credit supply, weak business climate and regulatory uncertainty in the oil sector.
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while, infrastructure deficit, would dampen the medium-term growth outlook of the country.
The ratings agency affirmed Nigeria’s long-term foreign-currency issuer default rating at ‘B+’ with a stable outlook.
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