 has revealed that Nigeria is among the top 10 African countries accounting for 69% of the continent's total external debt.){kind=link}
A recent report by the Africa Export and Import Bank (Afreximbank) has revealed that Nigeria is among the top 10 African countries accounting for 69% of the continent’s total external debt. The report, titled “African Debt Outlook: A Ray of Optimism,” highlights the challenges and opportunities facing African nations in managing their debt.
According to the report, Nigeria’s external debt stock stands at 8%, following South Africa (14%) and Egypt (13%). The top 10 countries are:
- South Africa (14%)
- Egypt (13%)
- Nigeria (8%)
- Morocco (6%)
- Mozambique (6%)
- Angola (5%)
- Kenya (4%)
- Ghana (4%)
- Côte d’Ivoire (3%)
- Senegal (3%)
The report notes that Africa’s external debt levels remain elevated due to limited domestic financial markets and high interest rates. The growing demand for foreign exchange to finance imports has exacerbated external indebtedness, fueled by reliance on aid, concessional loans, and competitive rates offered by private creditors.
As of 2023, Africa’s external debt stood at approximately $1.16 trillion, representing 60% of the region’s total public debt stock. Projections indicate a slight increase to $1.17 trillion in 2024, with sustained growth anticipated, potentially reaching $1.29 trillion by 2028.