Fitch may downgrade Nigeria’s sovereign rating to junk over oil plunge

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Global rating agency, Fitch, Tuesday, said the collapse in global oil prices, if sustained, could affect the sovereign rating of Nigeria and other countries who are net exporters of oil.

“With oil prices likely to stay low for some time, countries that are in a somewhat vulnerable external position and have a fixed exchange rate are of course particularly vulnerable,” Jan Friederic, Middle East and Africa sovereign analyst told Reuters.

Fitch downgraded Nigeria to negative this year.

A further review could mean downgrading Nigeria’s sovereign rating to junk, which would further add to Nigeria’s woes.

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