Fitch, a global credit rating agency, has upgraded the outlook on Nigeria’s long-term foreign-currency issuer default rating (IDR) to ‘stable’ from negative and affirmed the IDR at ‘B’.
The outlook released Wednesday showed a decrease in the level of uncertainty surrounding the impact of the global pandemic shock on the Nigerian economy.
Fitch said the ‘B’ rating reflects weak fiscal revenues, comparatively low governance, and development indicators, high dependence on hydrocarbons, and a track record of subdued growth and high inflation…
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