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IMF Says Nigeria Recorded $85.21bn Net Foreign Liabilities.

The International Monetary Fund, IMF, says Nigeria’s foreign liabilities stood at $187.36bn while the country’s foreign assets amounted to $102.15bn as of December 2020.

This places Nigeria’s Net International Investment Position, which are foreign assets less liabilities at $85.21bn as of December 2020.

This implies that foreigners own more assets in Nigeria than the value of foreign assets owned by Federal and State governments, Nigerian-owned companies and Nigerian individuals.

From 2016, Nigeria’s foreign liabilities jumped by 42.41 per cent from $131.56bn, while foreign assets rose by 13.67 per cent from $89.87bn.

Foreign assets are the investment securities owned by the Nigerian government, companies, or Nigerians in foreign countries while foreign liabilities are assets owned by foreign governments, corporations and individuals in Nigeria.

Corporate Finance Institute, a Canadian finance repository, says that a positive NIIP makes a country a net creditor while a negative NIIP implies that the country is a net debtor.

CFI also said the NIIP was a measure of a country’s financial condition and its sustainability to take on more financial credit.

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