If approved, Nigeria will have secured a total of $4.25 billion in loans from the bank this year alone and a cumulative $6.95 billion under the administration of President Bola Tinubu.
Browsing: Nigeria
Nigeria has been granted the hosting right for the African Energy Bank (AEB) after beating Ghana, Benin Republic, Algeria, South Africa and Cote d’Ivoire in a keenly contested bidding.
According to the managing director, Nigeria stands as a pivotal marker in the technological renaissance sweeping Nigeria and the broader West African region.
“Available from today, eligible Creators in Nigeria and Ghana will be able to earn money for their video and reels content, with support in over 30 languages globally,” the company said in a statement released on Monday.
According to an analysis of Federal Account Allocation Committee (FAAC) data from the National Bureau of Statistics (NBS), total external debt service payments for January to April 2024 reached N96.52 billion, a substantial rise from N43.31 billion in the corresponding period of the previous year.
The significant price hikes in essential commodities such as rice, bread, sugar, garri, beef, and eggs have notably strained household budgets, making it increasingly difficult for many families to afford three meals a day.
As of December 2023, Nigeria’s total gross domestic product (GDP) was N229.9 trillion in nominal terms, though it grew by only 2.74% in real terms. This suggests that the country’s debt-to-GDP ratio is now above 50% for the first time.
Since man became aware of himself and realised that whether by mutual arrangement or contrived by nature, there are always leaders and followers, communities fashioned out ways and means in which to live together under organised systems to regulate and conduct their affairs.
Amid concerns over rising debts service costs, states have been working to decrease their debts stock. In Q1 2024, states’ total domestic debts dropped by 31% from N5.86 trillion in Q4 2023 to N4.07 trillion and by 26% from N5.48 trillion in Q1 2023.
Nigeria’s public debt stock increased from N97.34 trillion (108.23 billion dollars) in the fourth quarter of 2023 to N121.67 trillion (91.46 billion dollars) in the first quarter of 2024.