Economy - Page 5 - Intelpoint

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.

Key Takeaways:

The Democratic Republic of Congo (DRC) reduced its external debt significantly from SDR 263 million in 2016 to SDR 69.3 million by 2019.
A sharp reversal occurred in 2020, with debt surging by 327% within a single year, from SDR 69.3 million in 2019 to SDR 296.2 million.
Over the decade from 2016 to 2025, the country’s debt increased by 580%, reaching SDR 1.79 billion by March 2025.
From 2020 to 2025, the DRC has accumulated over SDR 1.49 billion in new debt.

Key Takeaways:

South Africa’s outstanding debt to the International Monetary Fund (IMF) decreased from SDR 3.05 billion in March 2023 to SDR 762.8 million by March 2025.
The debt level remained unchanged at SDR 3.05 billion through the first three quarters of 2023.
Starting in December 2023, South Africa began making consistent quarterly repayments of SDR 381.4 million.
This trend demonstrates steady progress in debt reduction and a strengthened commitment to fiscal discipline.
The country is potentially on track for full repayment of its debt by the end of 2025.

Key Takeaways:

Between 2016 and 2020, Kenya's debt to the International Monetary Fund (IMF) declined steadily by 59%, from SDR 609.8 million to SDR 249.9 million.
This downward trend reversed dramatically after 2020, with public debt rising to SDR 3.02 billion by March 2025.
The most significant annual increase occurred between 2020 and 2021, when debt jumped by 178%.
The lowest recorded debt level during the study period was in 2020, at the height of the COVID-19 pandemic, when it fell to approximately SDR 250 million.
Kenya’s IMF debt grew more than elevenfold (1,109%) from its 2020 low to its 2025 peak.

Key Takeaways:

Nigeria’s outstanding debt to the IMF has reduced from SDR 2.45 billion in March 2023 to SDR 306.81 million by March 2025.
The country has maintained a consistent quarterly repayment pattern, averaging SDR 306.8 million.
This steady repayment trend reflects Nigeria’s commitment to managing its external obligations.
At the current repayment rate, Nigeria is positioned to fully clear its IMF obligations by mid-2025.

Key Takeaways:

Argentina tops the list with SDR 31.1 billion in outstanding IMF credit.
The top three borrowers, Argentina, Ukraine, and Egypt, together hold over 45% of total IMF credit.
All 15 countries on the list have outstanding credit of at least SDR 1.4 billion.
African nations such as Kenya, Angola, Ghana, and Ethiopia rank among the top 15 IMF debtors.
The top 10 countries alone account for more than two-thirds of the IMF’s total outstanding credit.

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