OPEC moves likely to hit Nigerian economy hard, warns Fitch

Nigeria’s adherence to oil production cuts under the OPEC+ agreement will lead to deeper economic contraction and fiscal deficits and compound pressures on external finances from the slump in oil prices, Fitch Ratings has warned. It said increased recourse to concessional multilateral loans will ease near-term liquidity pressures, but the risk of a disruptive macroeconomic adjustment will persist, adding: “We…

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