On Tuesday, the African Network for Environment and Economic Justice (ANEEJ) expressed concern over the escalating debt burden faced by Nigeria and several other West African nations. Highlighting that a significant portion of these countries’ resources are directed towards debt repayment, the organization presented its findings during the unveiling of the paper titled “Debt Management, Restructuring, and Sustainability in ECOWAS” at the Debt Management Office in Abuja.
Addressing the two-day International Hybrid Conference on Special Drawing Rights themed “Making Special Drawing Rights work for the People” in Abuja, ANEEJ’s Executive Director, David Ugolor, voiced apprehension. He referred to statistics from the Debt Management Office indicating Nigeria’s public debt at N87.38 trillion as of June 30, 2023. Similarly, Ghana’s debt stock surged to 569.3 billion cedis ($49.7 billion) by the end of April 2023, as per the Bank of Ghana’s data.
“The COVID-19 pandemic has increased solvency and liquidity issues, which is one of the main reasons Sierra Leone’s debt is categorised as having a high risk of debt distress.
So This Happened (203) reviews Adeleke’s S’Court victory, guard torturing 12-year-old sister, other
“For us in civil society, this is quite disturbing because most of our countries’ revenues are now being channeled to debt servicing obligations at the peril of basic social services, climate, and other development exigencies.
“The debt crisis imperils the attainment of the Sustainable Development Goals and achievement of the Paris Climate Agreement in West Africa. This becomes even more worrisome when viewed against the backdrop that Nigeria remains the world poverty capital as designated by the World Poverty Clock report of 2023.
“It means debt will drive more Nigerians and indeed, West Africans into extreme and multidimensional poverty if urgent and drastic steps are not taken by our governments and the international community.
“In addition to reviewing the use of SDRs in Ghana and Nigeria, he stated the conference would “take a deep dive into current debates around SDR reallocation to countries in most need, such as Ghana and Nigeria, without having to exacerbate the debt crisis.”
Additionally, a report jointly published by the Nigerian Economic Summit Group and the Open Society Initiative for West Africa identified ten other nations grappling with increasing debt burdens.
These nations include Benin Republic, Burkina Faso, Cabo Verde, the Gambia, Guinea Bissau, Liberia, Niger, Senegal, and Togo.
