Nigeria’s Debt is Growing, but China’s Share is Shrinking: Debt Management Office

File image of Patience Oniha, head of Nigeria's Debt Management Office.

Nigeria’s total public debt stood at $94.7 billion in 2021, up from $78.9 billion the previous year. Patience Oniha, the head of the country’s Debt Management Office (DMO) briefed journalists last Thursday in Abuja. Compared to other African finance ministries, Nigeria’s DMO has championed transparency, and these briefings demystify the country’s debt portfolio.

Oniha said the increase in lending was in line with global trends, as countries struggle to deal with the fallout of the COVID-19 pandemic. But she insisted that Nigeria is still within the IMF’s suggested 55% debt-to-GDP ratio, as well as the 40% limit set by the Nigerian government.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by Cobus van Staden

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C
3
Indonesia Begins $5.9 Billion Chinese EV Battery Project Despite Environment Fears
4
Chinese Cargo Planes Secretly Ferrying Supplies to Iran, Claim Online Sleuths
5
China, U.S. Ink Rare Earth Deal; More Trade Pacts Coming
6
Indonesia Goes Nuclear, Taps China and Russia for Modular Reactors

You Might Like

“Public Investment is a Thing of the Past,” Says the EIU’s Chief Africa Economist

While a growing number of African countries are furiously renegotiating their debts with various creditors, one question that keeps emerging is whether China will eventually resume lending these countries large amounts of money ...

Africa’s Debt-fueled Infrastructure Binge Will Not Generate Economic Growth, Says Prominent Kenyan Scholar

Kenya, Nigeria and Zambia are among a number of African countries that borrowed billions of dollars over the past twenty years to build massive infrastructure projects that policymakers in those countries all thought ...

Senior Level Stakeholders From China, Africa Gather in Beijing to Discuss How to Finance African Infrastructure

The African Union’s mission in Beijing together with the consultancy Development Reimagined organized a two-day event this week in the Chinese capital that brought together high-level stakeholders from both China and Africa to ...

Rwanda’s New Chinese-Funded, Built Hydropower Plant Progresses Amid Mounting Concerns Over Drought

A Chinese state-owned engineering and construction company successfully completed river closure last week marking the start of the main building phase of the $214 million Nyabarongo II Multipurpose Project in Rwanda. In the country’s ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP