The increase in the total public debt of Africa's leading economy, Nigeria, mainly stems from the rise in domestic loans, which constitute 61% of the country's total public debt.
As of December 31, 2023, Nigeria's public debt reached 97.341 trillion naira ($108.2 billion), marking a 5% increase from the same period in 2022, according to data released on March 22 by the Debt Management Office (DMO).
This figure, which includes the combined domestic and foreign debt of the federal government, the 36 state governments, and the Federal Capital Territory (FCT), accounts for 40% of the country's Gross Domestic Product (GDP). DMO said the debt increased primarily due to a 6% increase in domestic borrowing, which accounts for 61% of the overall public debt. Meanwhile, foreign debt, which rose by 2% in 2023, makes up the remaining 39% of the total public debt.
Loans from multilateral financial institutions such as the World Bank and the African Development Bank (AfDB) make up the largest portion of the foreign debt at 49.7%, followed by Eurobonds at 35.5% and bilateral loans at 14%.
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
• The African Development Bank has approved a loan of $474.6 million to support South Africa’s Infrastructure Governance and Green Growth Program...
• Modi’s African tour marks first visit by an Indian head of government to Ghana in 30 years.• These visits aim to boost economic, energy, defense, and...
• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to boost trade, security, and technology cooperation.•...
Kenya exports far more tea by volume than China and Sri Lanka but earns less revenue. Heavy reliance on bulk sales, a narrow product range, and...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...