Oye: Nigeria’s economy in severe strain despite $10.37bn capital inflow

Dele Oye, chairman of the Alliance for Economic Research and Ethics, stated that Nigeria's economy is under severe strain despite attracting $10.37 billion in capital inflows, warning about the country's reliance on short-term foreign portfolio investments. He noted that the recent interest rate hike by the US Federal Reserve could test the strength of Nigeria's $54.61 billion foreign exchange reserves. Oye also emphasized the need to strengthen non-oil exports and attract more stable foreign direct investment to reduce Nigeria's vulnerability to external shocks.