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What is the current Nigeria external debt?
Nigeria External Debt reached 40.0 USD bn in Mar 2022, compared with 38.4 USD bn in the previous quarter.
How much is Nigeria external debt in 2021?
Nigeria, Africa’s biggest economy, spent $1.82 billion on external debt servicing in 2021, 16.7 percent higher than the $1.56 billion spent a year earlier.
What is the external debt to GDP ratio?
The external debt to GDP ratio declined to 19.9 per cent at end-March 2022 from 21.2 per cent at end-March 2021. Valuation gains due to the appreciation of the US dollar vis-à-vis Indian rupee and major currencies such as yen, SDR 2, and euro were placed at US$ 11.7 billion.
How much is Nigeria spending on debt servicing?
Nigeria’s Federal government incurred a sum of N4. 22 trillion on debt servicing in 2021, increasing by 29.3% compared to N3. 27 trillion spent in the previous year.
What are the factors that contribute to Nigeria external debt?
The major factors include the rapid growth of public expenditure, particularly that on capital projects, borrowing from the international community at non-concessional interest rates, decline in oil earnings from the late 1970s and the dependence on imports, which contributed to the emergence of trade arrears.
What is Nigeria debt to GDP?
In dollar terms, Nigeria’s debt stock rose to $100.1 billion. Similarly, Nigeria’s debt-to-GDP ratio rose to 23.27% in the first quarter of the year, compared to 22.47% as of December 2022.
Does Nigeria have a balanced economy?
Nigeria’s economic freedom score is 54.4, making its economy the 124th freest in the 2022 Index. Nigeria is ranked 23rd among 47 countries in the Sub-Saharan Africa region, and its overall score is above the regional average but below the world average.
What is Nigeria inflation rate?
Core inflation The average 12-month annual rate of change of the index was 13.68% for the twelve-month period ending April 2022; this is 0.12% points higher than the 13.56% recorded as of the previous month.
How does external debt affect the economy?
1. In some cases the size of the debt might be huge in relation with the economy size of the borrower and this leads to a possible capital flight and more it discourage private investment. 2. Servicing a debt by export earnings may affect economic growth by depleting available income from social service activities.
What is external debt servicing?
Debt-servicing requires the use of a certain amount of purchasing power in foreign exchange, which could otherwise be used for investment and consumption goods. Debt-servicing capacity is measured by the ability and ease with which a country can reconcile competing claims on its resources.
How much is Nigeria annual revenue?
approximately 10.3 trillion Naira
Nigeria’s total national government revenue amounted to approximately 10.3 trillion Naira (some 25 million U.S. dollars) by the end of 2019. Compared to the previous years, the total revenue of the Nigerian government increased considerably. Data was obtained by the Nigerian company Nairametrics, a Lagos-based company.
What is the effect of external debt in Nigeria economy?
This study investigated the effect of government debt on Nigeria’s economic growth using annual data from 1980 to 2018 and the Autoregressive Distributed Lag technique. The empirical results showed that external debt constituted an impediment to long-term growth while its short-term effect was growth-enhancing.
How external debt affect the economy?
External public debt can have nonlinear impacts on economic growth. Thus, at low levels of indebtedness, an increase in the proportion of external public debt to GDP could promote economic growth; however, at high levels of indebtedness, an increase in this proportion could hurt economic growth.
What is debt-to-GDP ratio of Nigeria 2020?
approximately 34.49 percent
The figures refer to the whole country and include the debts of the state, the communities, the municipalities and the social insurances. In 2020, the national debt of Nigeria amounted to approximately 34.49 percent of the GDP.
How much is Nigeria’s debt 2022?
Nigeria’s total debt stock rose to N41. 6 trillion in the first quarter of 2022, representing a N2. 05 trillion increase compared to N39.
What is Nigeria’s main source of income?
oil sector
The oil sector provides for 95% of Nigeria’s foreign exchange earnings and 80% of its budgetary revenues. Note: Top 3 trade partners are calculated by imports + exports.
Which economic system is best for Nigeria?
The market economy system seems like the best option for Nigeria, considering our entrepreneurial spirit and the average Nigerian is thrifty. Having a market economy in Nigeria will be a stepping stone to a more developed Nigeria in a few years to come.
What is Nigeria inflation rate 2021?
Similarly, the urban inflation rate increased to 17.35% (year-on-year) in April 2022 from 18.68% recorded in April 2021, while the rural inflation rate increased to 16.32% in April 2022 from 17.57% in April 2021.
Why is inflation so high in Nigeria?
The high cost of running and maintaining power-generating plants resulted in a high cost of production which businesses passed on to consumers, and that contributed to high inflation in Nigeria. The adverse consequences of inflationary pressure arising from exchange rate volatility were serious concerns in 2021.