The African Economy debt profile increases every year and the cost of servicing this debt also increase everyday.. Many countries have been surviving on debt in Africa and other continents.
Its no new that may countries are known to be in debt and even the united state of America is a well known debtor with a total rising Debt of $21.97 trillion on all united state government and citizen heads.
Africa debt profile have been tagged to bad leadership and lack of accountability by the elected.
Nigeria a country blessed with crude oil and other mineral resources is also owning a total debt of $18.91 billion and international monetary fund IMF has warned Nigeria and other African country to reduce their acceleration in borrowing to avoid Economy Collapse.
Under the administration of former president Obasanjo, Nigeria paid off his debt and the Paris club of creditors wipe out record of debt owned by Nigeria in 2006.
The era of Muhammadu buhari has encourage more borrowing due to low income from the sales of crude oil in the global market however the good news is that Nigeria saving has increased tremendously under the current admission of president Muhammadu buhari after the introduction of diversification of the Economy.
So far….South Africa is the biggest debtor in the African market today with a total debt of $143 billion and followed by Angola with a lingering debt of $37.7 billion and Ethiopia who suffered two plane crash in the last 7 months occupy the third position on the rising debt profile with a total debt of $22.5 billion.
These is how the countries battle for debt leadership within the African state….let take a look at it below
South Africa – $143 Billion.
Angola – $37.7 Billion.
Ethiopia – $22.5 Billion.
Kenya – $22.2 Billion.
Ghana – $21.2 Billion.
Nigeria – $18.91 billion.
Tanzania – $15.9 Billion.
The Nigeria government and others must take a rapid step to reduce their debt congestion and this can only be promoted through production,export promotion,accountability and enough savings for the raining day.
Written by OJO Oluwafemi….