Published 2 days ago • loading... • Updated 1 day ago

Nigeria’s external debt hits N66.14 trillion in Q3 2024

Summary by GistReel

GistReel The Central Bank of Nigeria (CBN) has revealed that Nigeria’s external debt stock climbed to N66.14 trillion ($43.03 billion) in Q3 2024, accounting for 23.14% of the country’s GDP. This marks a 0.30% increase from the $42.90 billion recorded in Q2 2024 and a 3.40% year-on-year (YoY) rise from $41.59 billion in Q3 2023. The steady increase highlights Nigeria’s growing reliance on foreign loans to bridge fiscal deficits and finance devel…

This story is only covered by news sources that have yet to be evaluated by the independent media monitoring agencies we use to assess the quality and reliability of news outlets on our platform. Learn more here.

4 Articles

All

Left

Center

Right

Tekedia

Nigeria’s External Debt Soars to N66.4tn in Q3 2024 – CBN

The Central Bank of Nigeria (CBN) has revealed in its Fourth Quarter 2024 Economic Report, published on Monday, that Nigeria’s external debt has soared to N66.14 trillion—equivalent to $43.03 billion—as of Q3 2024. Pegged at 23.14% of the country’s GDP, this disclosure has amplified mounting concerns over Nigeria’s spiraling public debt, igniting debates about fiscal […] The post Nigeria’s External Debt Soars to N66.4tn in Q3 2024 – CBN appeared…

1 day ago

Read Full Article

The Whistler Nigeria

CBN Net Reserves Grow By $3.99bn To $23.11bn, Highest In Three Years

The Central Bank of Nigeria (CBN) has reported a substantial improvement in its Net Foreign Exchange Reserve position as of the end of 2024, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. According to the CBN, NFER stood at $23.11bn, the highest level in over three years, a marked increase from $3.99bn at year-end 2023, $8.19bn in 2022, and $14.59bn in 20…

1 day ago

Read Full Article

InsideBusiness - Business News in Nigeria

External Debt Hits $43Bn Amid Rising Reserves, Forex Inflows - CBN Reports - InsideBusiness - Business News in Nigeria

The Central Bank of Nigeria (CBN) has disclosed that the country’s external debt stock reached $43.03 billion by the end of September 2024, representing 23.14 per cent of the nation’s Gross Domestic Product (GDP). The figure, captured in the Apex bank’s recently released Economic Report for the Fourth Quarter (Q4) of 2024, highlights Nigeria’s continued reliance on foreign borrowing while also pointing to improvements in external reserves and f…

2 days ago

Read Full Article