African Countries Face $74 Billion Debt Service Shortfall in 2024
Nigeria and other African countries need approximately $74 billion for debt servicing this year due to dwindling access to affordable liquidity.
Nigeria and 17 other African countries are facing a significant funding shortfall of approximately $74 billion for debt servicing in 2024, according to the African Development Bank (AfDB). This substantial gap arises as the continent grapples with increasingly limited access to affordable liquidity, which is exacerbating the already pressing debt management challenges. The AfDB's assessment highlights the need for urgent financial support to prevent a potential crisis and ensure stability in the region's economy. The combined debt servicing burden poses significant risks to economic growth, stability, and development in Africa.
