Fitch Solutions, an affiliate of global rating agency, Fitch, has predicted that Nigeria’s weak performance in the oil and gas sector may continue to slow down the country’s economy in the coming years. In its latest report on the state of the Nigerian economy, the rating agency stated that from its analysis, the new Petroleum Industry Act (PIA) might not markedly impact the country in the near term. Forecasting an average annual decline of 0.5 per cent in the next four years, the group added that given the rapid pace of population growth in Nigeria, it expected that average incomes would continue to stagnate in the country. Fitch stated, “While the Petroleum Industry Bill (PIB), which was finally signed in 2021, will create a more stable operating environment, we doubt that it will have a significant effect on investment this year. It will take time for foreign firms to […]