
My Take on Nigeria’s Debt, Dollar Dilemma, and BRICS Ambition – Prince Ike Okorafor
As a Nigerian living in the US, I have been following the news about my home country with great concern and interest. Nigeria, the largest economy and oil producer in Africa, is facing a serious debt crisis that threatens its economic stability and future prospects. According to the National Bureau of Statistics, Nigeria’s public debt stock stood at N46.25 trillion (US$103.11 billion) in Q4 2022, an increase of 658 percent since 1999. Of this amount, N18.70 trillion (US$41.69 billion) was external debt, while N27.55 trillion (US$61.41 billion) was domestic debt. The rising debt burden has been driven by several factors,…