AfDB: Nigeria needs assistance to reduce its debt burden.


Nigeria needs assistance in reducing its debt load, according to Akinwumi Adesina, head of the African Development Bank.

On Thursday in New York, he made this statement at the Nigeria International Economic Partnership Forum.

Adesina claimed that money was essential for addressing Nigeria's development problems.

He declared, "Financing is crucial because Africa's debt to GDP ratio has risen to 70%; due to unstable, unsustainable debt levels, some countries face a high danger of debt crisis.

"Nigeria has a total debt of N42.84 trillion ($103 billion). Amounts owed abroad total N16.61 trillion, or $40 billion. Ladies and gentlemen, Nigeria requires assistance to manage its debt load.

He also emphasized the need for debt relief in Nigeria and other African nations.

He added that in order to combat climate change, African nations like Nigeria needed international cooperation.

Adesina also emphasized difficulties in investing in Nigeria.

The ability of Nigeria to address its significant infrastructure deficit will determine the country's potential to grow, he continued.

According to the National Integrated Infrastructure Masterplan, Nigeria would require $759 billion in total financing from now until 2043.

Adesina emphasized further, "We sometimes need to adjust our methods. We must improve security if we want to draw more foreign direct investment to Nigeria. Capital dislikes being bothered.


Post a Comment


Start a discussion...

Post a Comment (0)

#buttons=(Accept !) #days=(20)

Our website uses cookies to enhance your experience. Learn More
Accept !