The African Development Bank Group (ADBG) member states set to meet on May 27th to 31st May 2024 to combat Africa’s old debt to impediments on Sustainable Development Goals (SDG) in Africa.
This is confirmed by the group on their official X platform on Wednesday with the theme: Africa’s
Transformation, the African Development Bank Group and the Reform of the Global Financial Architecture.
The Bank Group estimates that Africa’s total external debt, which stood at $1.12 billion in 2022, had risen to $1.152 billion by end-2023. With global interest rates at their highest level for 40 years and as multiple bond debt securities issued by African countries reach maturity, there is no shortage of challenges in 2024. Africa will pay out $163 billion just to service debts in 2024, up sharply from $61 billion in 2010.
According to the Debt Management Office (DMO) recent data, it was disclosed that there was a significant escalation in the country’s public debt, which soared by 10.7% to N97.34 trillion in the fourth quarter of 2023, from N87.91 trillion recorded in the previous quarter.
