Economy - Page 4 - Intelpoint

Debt service in Angola hit 68.3% of GDP in 2024.
Even with a projected fall to 67.7% in 2025, the debt burden remains high.
Between 2009 and 2025, the debt service ratio grew at a CAGR of 11.2%.
The ratio stayed below 15% from 2009 to 2014 before surging to 41.9% in 2016.
Angola has faced multiple spikes above 50% since 2019, showing recurring debt strain.
The sharp drop to 31.2% in 2022 was short-lived, followed by a steep increase.

Sudan’s debt-to-GDP ratio of 238.8% is the highest in Africa and over twice the size of its economy.
Three African countries—Sudan, Cabo Verde, and Zambia—have debt burdens exceeding 100% of their GDP.
Egypt, Mozambique, and the Congo Republic follow closely with ratios above 88% each, despite efforts at economic reform.
Ghana and Sierra Leone are also in the top 10, showing that West Africa isn’t exempt from debt pressure.
Nigeria, while not in the top 10, has a debt-to-GDP ratio of 41.3% and ranks 43rd in Africa.
A high debt-to-GDP ratio often limits a country’s ability to invest in growth-driving sectors, even if the economy is growing nominally.

DR Congo has the lowest debt-to-GDP ratio in Africa, at just 11.1%.
Africa’s average debt-to-GDP ratio stands at 63.2%, meaning most countries on the bottom 10 list are performing better than the continental average.
Nigeria, despite its size and challenges, still maintains a relatively moderate debt load of 41.3%.
Botswana’s debt ratio of 18.1% places it among Africa’s most fiscally conservative economies.
Ethiopia and Guinea, both undergoing major economic transitions, still keep debt levels below 32%.
The presence of both low-income and resource-rich countries on the list shows that low debt isn’t exclusive to one economic model.

From just $190 million in 2006, Lagos State's year-end external debt rose significantly to over $1.1 billion by 2024, a more than 500% increase over 19 years.
The highest year-end debt was recorded in 2017 at $1.47 billion, with a gradual decline afterwards, except for a brief rise again in 2022–2023.
By 2024, Lagos State's external debt dipped slightly to $1.17 billion, suggesting some debt service or currency gain effects.
If Lagos State paid off or borrowed funds in a given year, only the remaining unpaid amount by year-end is shown in the data.

Lagos alone accounts for nearly 25% of all Nigerian states’ external debt, totalling $1.17 billion.
The combined debt of Lagos, Kaduna, and Edo is larger than the sum of the debts of the bottom 30 states.
States like Yobe, Abuja, and Jigawa each owe less than $25 million externally, indicating minimal foreign exposure.
Cross River, Rivers, and Ogun round out the top six debtors, each with external debts around [$190–210] million.
Just eleven states owe over $100 million each, while the majority owes less than that threshold.
Despite 36 subnational governments, the federal government’s $40.98 billion external debt is over 8x that of all states combined.

Lagos alone holds more domestic debt than the bottom 25 states combined.
Jigawa’s domestic debt of ₦1.06 billion is less than 0.15% of Lagos’s debt, showing the widest disparity.
The 10 highest-indebted states account for nearly 70% of the total domestic debts across Nigerian states.
The Federal Capital Territory (FCT) carries more debt than 17 other states.

Nigeria’s outstanding debt to the World Bank rose from $180 million in 1970 to $17.81 billion in 2024, a nearly 100-fold increase in 54 years.
The balance remained below $5 billion until 2013, but more than tripled between 2013 and 2024, signalling accelerated reliance on multilateral credit.
From 2020 to 2024, the outstanding debt rose by $6.4 billion, the sharpest five-year surge on record.
The figures reflect a steady accumulation of obligations, driven by long-term borrowing and slower repayment relative to disbursement.

Key Takeaways:

Cameroon’s IMF debt decreased from SDR 70.6 million in 2016 to SDR 49.1 million in 2017—a 30% reduction.
From 2018 onwards, the country experienced steady increases in outstanding debt.
After an initial 30% reduction from 2016 to 2017, debt skyrocketed by 380% in just one year (2017-2018).
By March 2025, Cameroon’s outstanding debt had reached SDR 1.18 billion, representing a staggering SDR 1.13 billion increase from its 2017 level.
Although the pace of accumulation has moderated in recent years, the overall debt trend remains upward.

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