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.
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.