The economic outlook for many African countries remains dependent on oil prices, according to Fitch Ratings’ latest Sovereign Review and Outlook
The bi-annual global report added that a number of African oil producers have attracted improved rating outlooks this year due to the combination of improved public finances and stronger policy regimes.
Gabon and Angola were placed on ‘positive outlook’ in April and May, respectively, while in Nigeria the scrapping of the expensive gasoline subsidy in January, despite a partial u-turn due to public protests, also marked significant progress according to Fitch.
Sustained low oil prices remain a danger to many African countries, however, and a repeat of 2009, when weak oil prices caused severe economic problems, needs to be avoided, warned Fitch.
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