Nigeria’s public debt has experienced a substantial surge, reaching N144.67 trillion by December 2024, a 48.58% increase from the N97.34 trillion recorded at the close of 2023. This data, released by the Debt Management Office, indicates a year-on-year increase of N47.32 trillion and a quarter-on-quarter rise of 1.65%.

This escalation is primarily attributable to increased external and domestic borrowing. External debt rose by 83.89% to N70.29 trillion, while domestic debt increased by 25.77% to N74.38 trillion. The Federal Government accounts for the majority of both external (N62.92 trillion) and domestic (N70.41 trillion) debt.

This significant increase in Nigeria’s debt profile has prompted concern among financial experts, particularly regarding the country’s capacity to manage this growing burden amidst existing infrastructural deficits. The implications of this rising debt for Nigeria’s economic stability and future development remain a critical area of analysis.

In recent weeks, the Naira has experienced significant appreciation against the U.S. dollar, a development largely attributed to enhancements in Nigeria’s external reserves and proactive measures implemented by the Central Bank of Nigeria (CBN). Muda Yusuf, Director of the Centre for Promotion of Private Enterprise (CPPE), elaborated on these factors in a statement released on Sunday.

As of last Friday, the Naira gained an impressive N127 to close at N1,535 per dollar, a stark contrast to its valuation of N1,660 just a week prior. This notable shift reflects both an increase in Nigeria’s external reserves, which have surpassed the $40 billion threshold, and the CBN’s strategic interventions to stabilize the currency.

Yusuf emphasized, “This improvement in our reserves implies that the CBN has greater capacity to intervene in the market. Indeed, we have witnessed the CBN intervene consistently.” The last five months have shown relative stability in exchange rates, which Yusuf considers a welcome trend. He noted that the improved reserve levels bolster investor confidence, further supporting the Naira’s strength.

The introduction of the Electronic Foreign Exchange Matching System (EFEMS) has also been pivotal in enhancing market stability. Coupled with governmental successes in the international finance arena—most notably, the recent $2.2 billion Eurobond issuance—the conditions for a robust Naira have been bolstered.

As the economic landscape continues to evolve, the CPPE remains optimistic about the trajectory of the Naira and its potential for further stability in the foreign exchange market.

In today’s digital age, the possibilities for making money online are virtually endless. Whether you’re looking to supplement your income or embark on a full-time career, there’s an opportunity waiting for you. But with so many options, how do you choose the right path? This guide will explore various methods to help you navigate the online money-making landscape.

Freelancing

What is Freelancing?
Freelancing is when you offer your skills and services to clients on a project basis rather than working as a full-time employee. From graphic design to writing and programming, there’s a wealth of freelance opportunities available.

Popular Freelance Platforms
To kickstart your freelancing journey, consider platforms like Upwork, Fiverr, and Freelancer. These sites connect freelancers with clients looking for specific services, making it easier to find work.

Tips for Success in Freelancing
To stand out in the freelancing world, it’s crucial to build a solid portfolio that showcases your best work. Additionally, setting competitive rates based on your skills and experience can attract more clients.

Affiliate Marketing

Affiliate marketing is a performance-based marketing strategy where you earn a commission by promoting other people’s products. If you have a website or social media presence, this could be a lucrative way to earn passive income.

Best Affiliate Programs to Join
Popular affiliate programs like Amazon Associates, ShareASale, and Commission Junction offer a variety of products to promote. Choose programs that align with your niche for better results.

Strategies for Successful Affiliate Marketing
Creating quality content and optimizing it for search engines can significantly boost your affiliate marketing success. Don’t forget to engage your audience through social media!

E-commerce and Dropshipping

Starting an E-commerce Business
Launching an online store has never been easier. With platforms like Shopify and WooCommerce, you can set up your e-commerce site in no time.

What is Dropshipping?
Dropshipping allows you to sell products without holding inventory. When a customer makes a purchase, you simply order the product from a third-party supplier who ships it directly to them.

Platforms to Use for E-commerce
Consider using platforms like Shopify for a comprehensive e-commerce solution or Etsy if you’re selling handmade goods. Each platform has its unique features to cater to different business needs.

Online Tutoring and Courses

The Rise of Online Education
With more people turning to online learning, there’s a growing demand for tutors and course creators. If you have expertise in a particular subject, this could be your chance!

Where to Offer Tutoring Services
Websites like VIPKid connect teachers with students for online tutoring sessions. Alternatively, you can create and sell your courses on platforms like Teachable.

Creating Your Own Online Course
If you choose to create a course, focus on a well-structured curriculum that addresses your audience’s needs. Marketing your course effectively can make all the difference!

Blogging and Content Creation

Starting a Blog
Blogging can be a fun and profitable way to share your passions. Start by selecting a niche that interests you and setting up a website.

Monetizing Your Blog
Once you have an audience, you can monetize your blog through ads, sponsored content, and affiliate links. The key is to provide value to your readers.

Building an Audience
Utilize social media and SEO strategies to grow your audience. Engaging with your followers can create a loyal community around your blog.

Virtual Assistance

What Does a Virtual Assistant Do?
Virtual assistants provide administrative support to businesses and entrepreneurs from a remote location. Tasks can range from managing emails to scheduling appointments.

How to Find Virtual Assistant Jobs
Job boards like Belay and Time Etc. are great places to find virtual assistant opportunities. Networking on social media can also open doors to potential clients.

Tips for Becoming a Successful VA
Effective time management and clear communication with clients are essential for success as a virtual assistant. Strive to exceed expectations in every task you undertake.

Investing and Trading

Online Trading Basics
Investing in stocks, forex, or cryptocurrencies can be a rewarding way to make money online. However, it requires careful research and understanding of market trends.

Platforms for Trading
Consider platforms like Robinhood for stocks, eToro for forex, or Binance for cryptocurrencies. Each platform has unique features and fees, so choose one that fits your needs.

Risks and Rewards of Online Investing
While the potential for high returns exists, online investing also comes with risks. It’s vital to stay informed and be prepared for market fluctuations.

Conclusion
Making money online offers a plethora of opportunities, from freelancing to affiliate marketing, and more. The key is to find the method that suits your skills and interests. Don’t hesitate to explore different avenues until you find your niche!