Nigeria Switching to Foreign Debt to Lower Costs

Nigeria will increase the amount it borrows overseas to around 40 percent of all debt over the next three to five years, from 12 percent currently, to lower its funding costs, the head of the debt office said on Monday.

DMO Director General, Abraham Nwankwo, said he expected Nigeria’s debt to GDP ratio to fall to 17 percent over the same period from 21 percent, as Africa’s second-biggest economy switches into cheaper foreign debt.

The move came eight years after Nigeria was forgiven …

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