The Africa Export and Import Bank (Afreximbank) reports that Nigeria is among ten African countries holding 69 percent external debt.
In its latest report, “African Debt Outlook: A Ray of Optimism,” Afreximbank attributes high debt levels to underdeveloped markets and rising interest rates.
The report states that in early 2024, ten African nations collectively held 69 percent of Africa’s external debt stock, increasing from 67 percent.
Leading countries include South Africa (14%), Egypt (13%), Nigeria (8%), Morocco (6%), Mozambique (6%), Angola (5%), Kenya (4%).
Others listed are Ghana (4%), Côte d’Ivoire (3%), and Senegal (3%), reflecting growing reliance on external borrowing for economic development.
Since 2008, Africa’s external debt has risen sharply, reaching $1.16 trillion in 2023, representing 60 percent of public debt stock.
Projections indicate a slight increase to $1.17 trillion in 2024, with sustained growth potentially reaching $1.29 trillion by 2028.
