Moody’s maintains negative outlook for Nigeria

Godwin Emefiele of CBN with Finance Minister Zainab Ahmed : Moody's gives Nigeria negative ratings
Godwin Emefiele of CBN  with Finance Minister Zainab Ahmed : Moody’s gives Nigeria negative ratings

America’s credit rating agency Moody’s in a statement on Wednesday affirmed Nigeria’s B2 ratings.

However it maintained a negative outlook for the country.

“Nigeria’s negative outlook continues to reflect material downside risks to creditworthiness identified when outlook was changed to negative.

“Nigeria’s risks  to  creditworthiness have increased, exacerbated  by the oil price shock, financial, economic implications of coronavirus outbreak.

“In the longer term, impact of coronavirus on Nigeria’s growth, particularly in large informal sector may weaken economic strength.”

It’s been a season of bad news for Nigeria since the outbreak of coronavirus.

The World Bank and the IMF have also predicted economic downturns for the country in 2020.