Nigeria’s Position as Africa’s Third Largest Debtor

Afreximbank Reports: Nigeria’s Debt Ranking

According to the African Export-Import Bank (Afreximbank), Nigeria ranks third among Africa’s top 10 external debtors.

This indicates the country’s significant external debt burden, which has been a growing concern. Nigeria’s external debt is primarily sourced from international financial institutions, bilateral loans, and commercial loans.

Afreximbank’s report highlights the challenges faced by African nations, with several countries grappling with rising debt levels and the strain this puts on their economies.

Nigeria’s position as a major external debtor reflects the fiscal and economic pressures it faces, which include managing debt servicing costs while trying to boost economic growth.