DR Congo has the lowest debt-to-GDP ratio in Africa (11.1%), significantly below the 63.2% average

  • 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.

Africa’s debt profile varies widely across countries. Leading in low debt-to-GDP ratio is the Democratic Republic of Congo, with a strikingly low debt-to-GDP ratio of just 11.1%—far below the continental average of 63.2%. This implies that DR Congo’s public debt is relatively minimal compared to the size of its economy, giving it greater fiscal flexibility compared to its heavily indebted peers.

Other countries, such as Botswana (18.1%), Ethiopia (31.2%), and Guinea (31.5%), also maintain relatively low debt levels. While this doesn't automatically mean these economies are stronger, it suggests they may be under less pressure from debt servicing costs. Notably, Nigeria, despite being one of Africa’s largest economies, still maintains a modest debt-to-GDP ratio of 41.3%, slightly below Tanzania at 41.9%. These figures show that having a large economy doesn't necessarily mean having higher debt burdens.

Source:

Afreximbank

Period:

2024
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Nigeria’s public debt has soared since 2010, with domestic debt up 2,020% and external debt up 1,000% by mid 2025
  • Nigeria’s domestic debt jumped from ₦3.8 trillion in 2010 to ₦80.55 trillion by mid-2025.
  • Foreign debts increased from $4.27 billion in 2010 to $46.98 billion in 2025, reflecting growing reliance on external financing.
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  • Bauchi State has the highest domestic debt burden of ₦143.6 billion, accounting for about 31% of the region’s total.
  • The top three states, Bauchi, Taraba and Gombe, collectively account for more than two-thirds of the zone’s total subnational debt stock.
In just six months, Nigeria spent over $2.3 billion servicing external debts
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  • Eurobond payments followed closely, with $687.8 million paid, reflecting Nigeria’s heavy reliance on commercial debt instruments.
  • Multilateral lenders like IDA and AfDB collectively received about $463 million, signalling continued exposure to concessional financing.
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Over 60% of Nigeria’s ₦1.7 trillion domestic debt service in Q2 2025 was spent on Federal Government Bonds
  • FGN bonds dominated: ₦1.07 trillion went to Federal Government Bonds, accounting for about 63% of total domestic debt servicing.
  • Treasury bills followed: Payments on NTBs reached ₦537.9 billion, making up roughly 31% of the total.
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93% of Nigeria's public debt is owed by the Federal Government
  • The Federal Government’s share of total public debt rose from 79.5% in 2019 to 92.6% in 2025.
  • States’ share has more than halved, from 20.5% to 7.4% in six years.
  • Total public debt grew from $83.9 billion to $99.7 billion, peaking at $113.4 billion in 2023.
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  • External debt stands at ₦71.8 trillion, equivalent to roughly 47%, reflecting Nigeria’s ongoing exposure to foreign lenders.
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