Nigeria may be heading for a challenging time ahead in 2024 and 2025 if the latest reports by the International Monetary Fund (IMF) is anything to go by.
In the latest country report for Nigeria titled “IMF Executive Board Concludes Post Financing Assessment with Nigeria” the fund projected that Nigeria’s foreign reserve which is at $33.12 billion as of February 8, 2024 is expected to see a significant reduction, falling to as low as $24 billion in the year 2024.
This will be brought about by an absence of new Eurobond issuances, significant repayments of existing funds and Eurobonds totalling $3.5 billion, and continued portfolio outflows coupled with dwindling oil revenue.
