Business

Nigeria’s Rising Debt Stock Will Affect Infrastructural Projects, Economy – Expert

Published

3 years ago

February 1, 2023

A financial expert has estimated that infrastructural projects in the country would suffer as Nigeria’s debt stock surged in the Third Quarter of 2022.

DAILY POST reports that Nigeria’s debt profile rose to N44.06 trillion in Q3, according to the latest data released by the National Bureau of Statistics.

In a chat with DAILY POST on Tuesday night, a financial expert, Mr Idakolo Gbolade, stated that the implication of the country’s rising debt profile is a source of concern.

Gbolade explained that Nigeria’s debt repayment burden would suffocate the country’s economy.

“The implications are far-reaching; the country will spend more on debt servicing while infrastructural projects will suffer amid revenue shortfalls in oil and non-oil sectors. The situation could be further compounded when the ways and means facility extended to the Federal government is securitized. That can raise our total debt stock to 77 trillion amid economic uncertainties in the country”.

In September last year, the Debt Management Office, DMO, announced Nigeria’s total debt stock.

DAILY POST had reported that if the National Assembly ultimately approved President Muhammadu Buhari N22.7 trillion Ways and Means Advance request, Nigeria’s total debt stock would rise to N77 trillion.

Business

Naira Appreciates Against US Dollar After Highest Dip

Published

2 days ago

November 21, 2025

Editor

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

4 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

4 days ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.