Top 20 Most Indebted African Countries: See Nigeria’s Position

Even though Africa has the fastest-growing continental economy, the cause of great concern is debt. The continent’s borrowing started in 2007 and it continues unabated. African countries have the smallest debts in the world compare to other western countries. Countries like Kenya didn’t make the top 20 African countries with the most debt; as of March 2014 it has one of the lowest external debt in Africa and the world at $3.6 billion.

Below are top 20 African nations with the most debt, according to World Bank and the C.I.A World Fact book with information regarding external debt of each country in US dollars. External debt is the total public and private debt owed to nonresidents, repayable in internationally accepted currencies, goods or services.

Top 20 Most Indebted African Countries are:

20. UGANDA – $4,126,000,000

19. NAMIBIA – $4,205,000,000

18. ALGERIA – $4,344,000,000

17. IVORY COAST – $4,743,000,000

16. MOZAMBIQUE – $4,880,000,000

15. LIBYA – $5,278,100,000

14. ZAMBIA – $5,455,000,000

13. ZIMBABWE – $6,975,000,000

12. REPUBLIC OF CONGO – $7,645,000,000

11. DEMOCRATIC REPUBLIC OF CONGO – $7,654,000,000

ALSO READ: WHAT IS NIGERIA’S ZIP CODE

10. ETHIOPIA – $9,965,000,000

9. NIGERIA – $10,200,000,000

8.TANZANIA – $11,190,000,000

7. GHANA – $11,240,000,000

6. ANGOLA – $20,650,000,000

5. TUNISIA – $24,500,000,000

4. MOROCCO – $29,430,000,000

3. SUDAN – $39,750,000,000

2. EGYPT – $48,860,000,000

1. SOUTH AFRICA – $137,800,000,000

From the above African countries debt list, we can see that South Africa is the country with the most debt in Africa, while Nigeria is the 9th on the list.  These countries has received warnings from the IMF on the growing international sovereign debt in which they incur as it affects and damages their various economies.

ALSO READ  Ranks In The Nigerian Military: Summary of the Ranks In the Nigerian Navy, Army and Air Force
4 Shares

1 Comment

Add a Comment
  1. the debt of the country is really not important. what is important is the debt to GDP ratio. that is what is more important to countries in the world. a small with a small debt could still be highly indebted while a big country with a big debt will still not be highly indebted. Nigeria for example with a debt of 10bn is nothing compared to its GDP. even south Africa with a debt of 137bn will not be considered highly indebted. whereas small countries like Ghana with a debt of 11bn will be considered highly indebted. it will therefore be more useful to present the dept/GDP ratio for the countries

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.