Economy
Fitch Revises Nigeria’s Outlook to Negative; Affirms at ‘B+’
By Modupe Gbadeyanka
Fitch Ratings has revised the Outlook on Nigeria’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to Negative from Stable and affirmed the IDRs at ‘B+’.
The issue ratings on Nigeria’s senior unsecured foreign currency bonds have also been affirmed at ‘B+’.
Also, the Country Ceiling has been affirmed at ‘B+’ and the Short-Term Foreign and Local Currency IDRs have been affirmed at ‘B’.
The revision of the Outlook on Nigeria’s Long-Term IDRs reflects that Tight FX liquidity and low oil production contributed to Nigeria’s first recession since 1994. The economy contracted through the first three quarters of 2016 and Fitch estimates GDP growth of -1.5% in 2016 as a whole.
Fitch said it expects a limited economic recovery in 2017, with growth of 1.5%, well below the 2011-15 annual growth average of 4.8%. The non-oil economy will continue to be constrained by tight foreign exchange liquidity. Inflationary pressures are high with year on year CPI inflation increased to 18.5% in December.
It forecasts that access to foreign exchange will remain severely restricted until the Central Bank of Nigeria (CBN) can establish the credibility of the Interbank Foreign Exchange Market (IFEM) and bring down the spread between the official rate and the parallel market rates.
The spot rate for the naira has settled at a range of NGN305-NGN315 per USD in the official market, while the Bureau de Change (BDC) rate depreciated to as low as NGN490 per USD in November 2016. In an effort to work with the CBN to help the parallel market rates converge with the official, BDC operators subsequently adopted a reference rate of NGN400 per USD.
However, dollars continue to sell on the black market at rates of well above NGN400. The authorities have communicated a commitment to the current official exchange rate range, but the availability of hard currency at those rates is severely constrained. Trading volumes in both the spot and derivative markets increased following the June changes to the official FX market, but remain low, at of USD8.4bn in December, compared to USD24bn in December 2014.
Gross general government debt increased to an estimated 17% of GDP at end-2016, from 13% at end-2015, although it remains well below the ‘B’ median of 56% and is a support to the rating. However, the country’s low revenues pose a risk to debt sustainability. Gross general government debt stands at 281% of revenues in 2016, above the ‘B’ median of 230%. Nigeria’s government debt is 77% denominated in local currency, which makes it less susceptible to exchange rate risk, but the share of foreign currency debt is increasing. Additionally, the government faces contingent liabilities from approximately USD5.1bn in debt owed by the Nigeria National Petroleum Corporation to its joint venture partners.
Fitch forecasts that Nigeria’s general government fiscal deficit will remain broadly stable in 2017, at 3.9% of GDP, just below the ‘B’ category median of 4.2%. Nigeria is likely to experience a recovery in oil revenues, but will continue to struggle with raising non-oil revenues. Total revenues will rise to just 7.4% of GDP, up from 6.2% in 2016, but still below the 12.4% of GDP experienced in 2011-15. Import and excise duties have experienced a boost from the depreciation of the naira, but corporate taxes and the VAT will continue to underperform, owing to issues with implementation and compliance. On the expenditure side, growing interest costs will increase current spending. Fitch forecasts the cost of debt servicing in 2017 will reach 1.4% of GDP, up from an average of 1.1% over the previous five years.
The Nigerian banking sector has experienced worsening asset quality as a result of the weakening economy, problems in the oil industry, and exchange rate pressures on borrowers to service their loans. The CBN reported that industry NPLs grew to 11.7% of gross loans at end-June 2016, up from 5.3% at end-December 2015. Tight foreign currency liquidity has also led to some Nigerian banks experiencing difficulty in meeting their trade finance obligations which were either extended or refinanced with international correspondent banks.
Nigeria’s ‘B+’ IDRs also reflect the following key rating drivers:
Nigeria’s fiscal policy has been predicated on finding sources of external funding to finance increases in capital spending. The draft federal budget for 2017 calls for total spending of NGN7.3trn in 2017, up from the NGN6.1tn contained in the 2016 budget. Fitch does not expect the government to fully execute the capital spending envisaged in the 2017 budget, approximately NGN1.8trn, or 1.5% of GDP, but it will have to finance an overall federal government deficit of approximately NGN2.6trn.
The authorities’ financing plan calls for borrowing between USD3bn-USD5bn from external sources to finance the 2017 deficit and parts of the 2016 budget. The bulk of external borrowing will come from multilateral development banks and the government is also likely to go to market with a Eurobond offering of USD1bn in 1Q17. The Nigerian government has negotiated USD10.6bn in export credits for financing infrastructure development; which is currently awaiting parliamentary approval. The government’s financing plans also call for domestic issuance of approximately NGN1.3bn in 2017 and use of its overdraft facility at the CBN, which the government reports is currently at NGN1.5trn.
Nigeria’s oil sector will receive a boost from the improved security situation in the Niger Delta and Fitch expects oil production to average 2.2 million barrels per day (mbpd) in 2017. Oil production fell as low as 1.5 mbpd in August, before recovering to 1.8 as of October 2016. The recovery in oil revenues and increased fiscal spending could boost the economy in 2017, if the government can arrange improve the execution of capital expenditures. However, the present lull in violence and oil infrastructure attacks will only hold if the government can come to a more permanent peace settlement with Niger Delta insurgents.
The government’s policy of import substitution has contributed to significant import compression, which allowed the current account deficit to narrow to an estimated 1% of GDP in 2016, down from 3.1% in 2016. The naira depreciation in June helped to slow the loss of reserves and forward operations by the CBN allowed the authorities to clear a large backlog of dollar demand. Gross international reserves of the CBN stood at USD27.7bn in late January, down from USD29bn at end-2015, but higher than the August 2016 position of USD24.2bn.
The oil sector has shrunk to account for about 10% of Nigeria’s GDP, but the overall economy is still heavily dependent on oil, which accounts for up to 75% of current external receipts and 60% of general government revenues. The Nigerian senate has promised to pass the Petroleum Investment Bill (PIB) in early 2017. The PIB has been under consideration for nearly a decade and could help increase efficiency and transparency in the Nigerian National Petroleum Corporation.
Nigeria’s ratings are constrained by weak governance indicators, as measured by the World Bank, as well as low human development and business environment indicators and per capita income.
Also, Fitch’s proprietary SRM assigns Nigeria a score equivalent to a rating of ‘B+’ on the Long-term FC IDR scale.
Fitch’s sovereign rating committee did not adjust the output from the SRM to arrive at the final LT FC IDR.
Fitch’s SRM is the agency’s proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch’s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.
The main factors that could lead to a downgrade are:
– Failure to secure an improvement in economic growth, for example caused by continued tight FX liquidity.
– Failure to narrow the fiscal deficit leading to a marked increase in public debt.
– A loss of foreign exchange reserves that increases vulnerability to external shocks.
– Worsening of political and security environment that reduces oil production for a prolonged period or worsens ethnic or sectarian tensions.
The current rating Outlook is Negative. Consequently, Fitch does not currently anticipate developments with a material likelihood of leading to an upgrade. However, the following factors could lead to positive rating action:
– A revival of economic growth supported by the sustained implementation of coherent macroeconomic policies.
– A reduction of the fiscal deficit and the maintenance of a manageable debt burden.
– Increase in foreign exchange reserves to a level that reduces vulnerability to external shocks.
– Successful implementation of economic or structural reforms, for instance raising non-oil revenues, increasing the execution of capital expenditures and passing the PIB.
Fitch’s forecasts are for Brent crude to average USD45/b in 2017 and USD55/b in 2018, based on the most recent Global Economic Outlook published in November 2016.
Running low on data with no airtime to spare, but you’ve got an unused gift card sitting in your email or phone? You’re not alone.
A lot of Nigerians receive gift cards from friends, family abroad, or clients, but have no real use for them. Meanwhile, data is one of those everyday needs that can’t wait. So the question comes up often: can you actually use a gift card to buy data in Nigeria? Let’s get into the answer.
Is It True That You Can Use Gift Cards to Buy Data in Nigeria?
Yes, you can buy data using your gift cards, but not directly.
Let’s clear up the confusion first. You cannot hand your Apple or Amazon gift card code directly to MTN, Airtel, or Glo and expect them to accept it as payment for data. Telecom networks don’t have any system for redeeming gift cards. They only take cash, bank transfers, USSD payments, or app-based payments.
So where does the idea come from? It comes from the workaround that’s become common practice: converting the gift card into cash first, then using that cash to buy data the normal way. This is where a gift card trading platform like Cardgoal comes in. Instead of a gift card sitting unused because you have no matching account to redeem it on, or no interest in what the card offers, you trade it in for real Naira. From there, buying data is as simple as it always is.
In other words, “buying data with a gift card” isn’t a direct swap. It’s a two-step process that takes just a few minutes when you use the right platform. And once you understand this, it opens up a genuinely useful way to make idle gift cards work for you.
How to Buy Data in Nigeria with a Gift Card? Step-by-Step
Here’s exactly how the process works from start to finish:
Step 1: Sell Your Gift Card on Cardgoal
- Download the Cardgoal app from Google play store or Apple App store
- Sign up and select the gift card you’re holding
- Enter the card’s value and code
- Get the details verified
Step 2: Get Paid Instantly
Once your card is verified, your payout is sent straight to your Cardgoal Wallet. This is the core value of using a trading platform over trying to sell a card informally to a stranger online. You can use this value to pay bills including data and airtime purchases. You get your gift card value quickly and securely, without the risk of being scammed or shortchanged.
Step 3: Use the funds to Top Up Data
With your gift card value in Naira now in your account, you can top up data directly within the Cardgoal app.
- Go to Pay Bills
- Tap on “Buy Data”option
- Select your network: — MTN, Glo, Airtel, or 9mobile.
- Enter the phone number to recharge.
- Input the amount you want to buy.
- Confirm the transaction — and your preferred data arrives almost instantly.
By this method, you can;
Whichever network you’re on, the cash from your gift card sale spends exactly the same as money from any other source, because at this point, that’s exactly what it is.
Why Use Cardgoal To Buy Data in Nigeria Instead of Other Methods?
There are informal ways to try converting a gift card into value, like posting it in a WhatsApp group, negotiating with a random buyer on social media, or asking around for anyone willing to take it off your hands. None of these are reliable, and most come with real risk of being underpaid or scammed outright. Here’s why selling gift cards through a proper platform makes more sense:
- Instead of waiting days for someone to respond to a post, verification and payout on a dedicated platform typically happen within minutes.
- Fair, transparent rates. You can see the going rate for your specific card before you commit to the trade, rather than negotiating blindly with a stranger.
- Verification checks confirm your card is valid and correctly priced, protecting you from common scams like fake buyers or already-redeemed codes.
- Convenience of one app. Beyond gift card trading, Cardgoal also supports airtime and data purchases, bill payments, and rewards. So once your card is converted to cash, you not even need to leave the app to complete your data top-up.
- No back-and-forth. There’s no haggling, no waiting for a buyer to “confirm” payment, and no uncertainty about whether the trade will actually go through.
For anyone who regularly ends up with gift cards they don’t need, this turns what would otherwise be a stagnant asset into something genuinely useful like data, airtime, bills, or straight cash.
Turn Your Unused Gift Card Into Data Today
If you’ve been sitting on a gift card with no real use for it, there’s no reason to let it go to waste. Selling it for cash and buying data with the proceeds is quick, safe, and puts real value back in your hands
Download the Cardgoal app today, sell your gift card, and buy data on your preferred network in minutes.
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax of N535 billion in June 2026, representing a 15.8 per cent increase from the N462 billion posted in May.
This information was revealed in the company’s June 2026 Monthly Financial and Operations Report released on Friday, which also showed that revenue for the month stood at N4.389 trillion.
According to the report, cumulative statutory payments to the federation between January and June 2026 rose to N6.286 trillion, reflecting the company’s continued contribution to government revenue.
On the operational side, average crude oil and condensate production slipped slightly to 1.72 million barrels per day (mbpd) in June from 1.73 million barrels per day in May. The state oil company attributed the decline to operational disruptions, facility integrity issues, and subsurface challenges across some producing assets.
The production figure remains close to Nigeria’s recent output levels as the country continues efforts to sustain higher crude production through improved security around oil facilities, reduced crude theft, and increased investments in upstream operations.
Natural gas production, however, increased to 7.841 million standard cubic feet per day from 7.774 million standard cubic feet per day recorded in the preceding month, representing a 0.86 per cent rise.
The report also highlighted progress on key gas infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline reached 98 per cent completion, with final tie-in works underway ahead of the planned First Gas in August 2026.
The pipeline is expected to strengthen gas transmission between the eastern and western gas networks, improving supply reliability across the country.
Similarly, construction and installation of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of delivering gas to Abuja in 2026. The project is designed to transport natural gas from southern Nigeria to the northern corridor, with early gas delivery to Abuja targeted for later this year.
You can turn your Apple gift card to cash easily in Nigeria by using a trusted gift card trading app like Cardsoon, which pays you directly into your bank account or wallet at a high rate, often within minutes. Some Nigerians still sell to street vendors or WhatsApp buyers, but those methods are slower, riskier, and usually pay less. In this blog, we break down every method people use to convert an Apple gift card to cash, the risk with each one, and exactly how to get the highest naira value for your card.
What It Means to Turn Your Apple Gift Card to Cash in Nigeria
An Apple gift card holds a fixed dollar value that you can only spend on the App Store, iTunes, or Apple purchases. That is a problem if you were gifted one but you would rather have naira in your account. Turning it to cash simply means selling that card to a buyer who pays you the naira equivalent based on the current market rate.
The rate you get depends on three things: the card type (physical cards pay more than e-code or digital cards), the denomination, and who you sell to. This last point matters most, because the difference between a street vendor and a proper trading app can be thousands of naira on a single card.
Different Methods Nigerians Use to Sell Apple Gift Cards for Cash
There is no single way to cash out an Apple gift card in Nigeria. Here are the four methods people actually use, and what to expect from each.
1. Selling to Street Vendors and Physical Gift Card Traders
In markets like Computer Village in Lagos, you will find traders who buy gift cards on the spot for cash. It feels fast because you walk away with naira the same day. The downside is that street rates are almost always low, you have little protection if the deal goes wrong, and carrying cash around a busy market is its own risk. There is also no record of the transaction if a dispute comes up later.
2. Using WhatsApp and Telegram Gift Card Buyers
Plenty of vendors advertise gift card rates on WhatsApp and Telegram. You send your card details, they confirm, and they transfer naira to your account. The problem is trust. You are handing card details to a stranger before any money moves, and once a scammer has your code, the card can be redeemed instantly. Overpayment tricks and fake payment screenshots are common here.
3. Trading Peer-to-Peer on Social Media
Some people sell directly to individual buyers found on X, Facebook groups, or forums. Rates can look attractive because there is no platform in the middle, but there is also nobody protecting you. If the buyer disappears after you share the code, you have no way to recover your money. This is the riskiest method on the list.
4. Using an Official Gift Card Trading App
This is the method most Nigerians now trust. A licensed gift card trading app buys your Apple card directly, shows you a live rate before you commit, and pays you into your wallet or bank account, usually within minutes. Cardsoon, the best gift card trading app with high rates, is a good example: it removes the guesswork of street haggling and the danger of dealing with strangers.
Why Official Gift Card Trading Apps Are the Safest Way to Convert Apple Gift Cards to Cash
When you compare all four methods side by side, official apps win on the things that actually matter: safety, speed, and rate.
- You see the rate before you sell. The app shows a live naira value so there is no arguing over price.
- Your card details stay inside a secure system. You are not messaging codes to a random number.
- Payment is traceable and fast. Money lands in your wallet or account, not as cash you have to carry home.
- There is customer support if something goes wrong. A street vendor has no dispute process.
If you want a full walkthrough of the platforms available and how they compare, read our complete guide to sell Apple gift cards in Nigeria.
Why Cardsoon Is the Best Gift Card Trading App With High Rates in Nigeria
Not every trading app is equal. Some advertise good rates but slice them down with hidden charges, and others make you wait hours for payment. Cardsoon was built to fix both problems, and here is what makes it stand out for Apple gift cards.
- High, transparent rates. You get the exact naira figure shown on screen, not a lower amount after mystery deductions.
- No hidden fees. No service, transaction, or withdrawal charges eating into your payout.
- Instant payment. Once your card is verified, naira hits your Cardsoon wallet within minutes.
- 24/7 customer support. Real help whenever you need it, day or night.
- Ways to earn more. Daily check-in rewards and the Buddy Bonus referral feature let you boost your final payout beyond the base rate.
- Built-in security. Biometric login and advanced password settings keep your account and card details safe.
How to Turn Your Apple Gift Card to Cash on Cardsoon Step by Step
The whole process takes only a few minutes. Here is exactly how it works:
- Download the app and sign in. Register with your email, or log in if you already have an account.
- Open the Sell Gift Card section. On the dashboard, tap “Apple & iTunes”, listed right at the top.
- Select the correct card type. Choose physical or digital (e-code). Picking the wrong one can stall your trade.
- Enter your card details. Set the currency (USD) and denomination, and double-check before continuing.
- Check the live rate. Cardsoon shows the exact naira amount you will receive. Proceed only if you are happy with it.
- Tap Start Trade. The team verifies your card and pays your naira into your wallet almost immediately.
Tip: always check your Apple gift card balance on Apple’s official website before you start, and keep your purchase receipt in case you ever need to prove ownership.
How Much Is an Apple Gift Card Worth in Naira Today?
Apple gift card rates in Nigeria change daily based on market demand, so treat any figure as a snapshot rather than a fixed price. As a rough guide, higher denominations like $100, $200, and $500 cards attract the strongest naira value, and physical cards consistently pay more than e-code cards.
INSERT: current $100, $200 and $500 Apple gift card rates for physical and e-code cards
For a live figure updated regularly, check how much a $100 Apple gift card is to naira today before you sell so you can time your trade for the best deal.
Mistakes to Avoid When Converting Your Apple Gift Card to Cash
- Falling for “too good to be true” rates. Overpayment offers are a classic scam setup.
- Selecting the wrong card type. Physical and e-code cards have different rates and processes.
- Selling on public Wi-Fi. An unsecured connection makes your details easier to steal.
- Skipping the balance check. A card with a used or partial balance may be rejected.
FAQs About Turning Apple Gift Cards to Cash in Nigeria
Can I turn my Apple gift card to cash instantly in Nigeria?
Yes. Using a trading app like Cardsoon, your naira is paid into your wallet within minutes of your card being verified. Instant payout is one of the biggest advantages of using an official app over a street vendor.
Is it safe to sell my Apple gift card for Naira online?
It is safe when you use a trusted platform with secure in-app systems, live rates, and customer support. It becomes risky when you deal with strangers on WhatsApp or social media who ask for your code before paying.
Which pays more, a physical or a digital Apple gift card in Naira?
Physical Apple gift cards almost always attract a higher rate than digital or e-code cards. Always confirm your card type in the app before trading so the rate you see is accurate.
Do I need a bank account to cash out my Apple gift card?
On Cardsoon, your payment goes to your in-app wallet first, and you can withdraw to your Nigerian bank account from there. You do not need to hand your bank details to any third party.
Why do Apple gift card rates keep changing?
Rates move with market demand, the card type, and the season. Demand often rises around holidays, which can push rates up. This is why checking the live rate right before you sell helps you get the best deal.
Are there hidden charges when I sell an Apple gift card on Cardsoon?
No. Cardsoon has no service, transaction, or withdrawal fees. The naira figure shown before you trade is the exact amount you receive.
Conclusion
Turning your Apple gift card to cash in Nigeria comes down to one decision: who you sell to. Street vendors and WhatsApp buyers are slower, riskier, and pay less, while an official trading app gives you a high rate, a secure process, and instant payment. Cardsoon ticks all three boxes with no hidden fees.
Ready to cash out? Download the Cardsoon app, enter your Apple card details, and get a live rate in under 60 seconds.
