Fitch Ratings recently lowered its sovereign credit outlook on Nigeria to negative from stable, citing the depletion of its windfall oil savings and heightened political uncertainty ahead of elections next year.
Nigeria’s rating of BB-minus is three notches below investment grade According to the global rating agency, the continued withdrawals from the excess crude account (ECA), into which Africa’s biggest oil producer saves crude oil earnings above a benchmark price, and lower forex reserves were a threat to economic stability. Sunday Vanguard Business spoke to experts on the ratings, which have continued to provoke reactions in financial circles across the country.
Read More:http://www.vanguardngr.com/2010/11/the-downgrading-of-nigeria%E2%80%99s-credit-outlook/
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