According to an Economic Outlook report by Agusto & Co, six months inflows are enough to liquidate Nigeria’s foreign debts.
At the end of last year, Nigeria’s debts stood at $44b.
In its 2022 outlook, the rating firm projected $90 billion forex earnings for Nigeria.
The report titled: “Nigeria in 2022” stated that a production rate of 1.8 million barrels per day and an average price of $75 per barrel would enable the government to achieve these revenue targets.
“The country will earn $50 billion from oil and gas exports this year, $7 billion higher than $43 billion earned last year.
According to Debt Management Office (DMO) data, Nigeria’s total external debts stood at $37.95 billion as at September 30, 2021.
”This, Agusto & Co. explained, “meant that Nigeria needs only six months of dollar inflows to liquidate its foreign currency debts.
“Kenya needs three years’ forex inflows to liquidate its foreign currency debts. We therefore believe thatNigeria will continue to meet her dollar obligations comfortably, at least in the near term.”
