Abuja — The spread of the coronavirus and tumbling oil prices could trigger a capital exodus from Africa, where governments have few tools available to battle external shocks, Fitch Ratings says.The commodity lost about a quarter of its value on Monday after big producers disagreed on supply cuts to counter lower demand as the spread of the virus weighs on global commerce, Mahmoud Harb, a director at Fitch, said on Tuesday.
Unlike the previous oil rout in 2014, which pushed Nigeria and other big African economies into recession, the region has less budget room to increase spending this time around. A rigid exchange rate, dwindling foreign reserves and high dependence on foreign inflows will constrain the government’s ability to deal with lower revenues, said Harb, lead analyst for Nigeria.
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