Growth in Nigeria, Angola will slow

GROWTH in Nigeria and Angola, the only sub- Saharan African members of Opec, would slow next year because of weaker crude prices, according to Fitch Ratings. Fitch’s 2015 growth projection for Nigeria was revised down to 5.2 percent from 6.4 percent, Carmen Altenkirch and Richard Fox, sovereign analysts at the ratings company, said in a statement yesterday. Nigeria, along with Angola and Gabon, would also suffer from worsening current account and fiscal balances, they said. Policymakers in Nigeria have proposed spending cuts and devalued the naira last month amid declining foreign reserves. “Most sub-Saharan African countries are significant oil importers,” they said. “Oil makes up around 20 percent of the import bill in Kenya, Cote d’Ivoire, Seychelles and Ethiopia.” – Bloomberg