The Billion-Dollar Burden: Nigeria Tops Africa’s World Bank Debt List… Again

"Debt is silent, until it starts echoing in your life."

You may not see the World Bank in traffic. Or feel loan interest when you're buying bread.
But every time the government borrows recklessly, you pay...with higher taxes, fewer jobs, and a future on credit.

Nigeria just hit a new high: the most indebted country to the World Bank in Africa.
But this isn’t just about big numbers and government spreadsheets.

It’s about your money, your dreams, your tomorrow.

NoOrdinary Eyitemi
Editor-in-Chief, Decode Daily

The Gist

It’s official: Nigeria is now Africa’s most indebted country to the World Bank, with a staggering $17.32 billion in outstanding loans as of early 2025. That’s up from $16.5 billion just last year.

Ethiopia follows closely with $15.34 billion, and Kenya rounds out the top three with $12 billion. Add Tanzania, Ghana, and Uganda; and we have a continent juggling multibillion-dollar debt balls while still trying to fix potholes, fund education, and stabilize the economy.

But it’s not just the size of the debt that matters, it’s the cost of carrying it. Nigeria spends over 80% of its revenue servicing debt, leaving scraps for healthcare, education, and job creation.

Basically, we're working hard to stay broke

Why It Matters (to You)

Because this isn't just an Abuja or Addis problem …it’s your reality in traffic, in the classroom, at the hospital, and at the ATM.

Here’s what it means for you:

• Your taxes? Mostly used to pay off old loans.
• Your roads? Likely built with borrowed money, and repaired poorly with what’s left.
• Your opportunities? Shrinking, because the more we borrow, the less we invest in you.
• Your future kids? Already in debt, and they haven’t even been born yet.

When debt goes unchecked and unproductive, it becomes a life sentence for the entire country, and your dreams get collateralized.

The Bigger Picture

Africa’s debt trap is becoming less about infrastructure and more about interest ..the kind that grows even when nothing else does. And Nigeria, the so-called "Giant of Africa," is leading the race… in reverse.

This level of borrowing, especially from institutions like the World Bank, creates a dangerous dependency loop.

Loans are fine if they’re invested in projects that create returns. But what happens when they fund bloated payrolls, fuel subsidies, or white elephant contracts?

You’re left with debt and no dividends.

Meanwhile, countries like Ethiopia are balancing their debt with bold plays …like building a $45B sovereign wealth fund.

Nigeria on the other hand, we’re topping debt charts, with no national savings and a shrinking middle class. It's like maxing out a credit card without ever buying assets.

Decoded for You

• Nigeria is borrowing like there’s no tomorrow. But tomorrow is here, and it’s broke.
• Youth? Entrepreneurs? Students? You're the ones paying …through inflation, limited services, and higher taxes.
• Africa’s debt is rising, but so should the questions. Who’s borrowing? For what? And where’s the return?
• Time to flip the narrative: not just how much we owe, but how wisely we use what we borrow.

Lesson: Debt isn’t the villain. Irresponsibility is.

Source: BusinessDay NG, Africa Facts Zone - X

One Last Thing

The real crisis isn't the debt. It's the silence around how it's spent.

We can’t build a thriving continent on borrowed time and borrowed money, not when the returns are invisible.

If we don’t start asking where the money’s going, we’ll keep losing more than we borrow.
Because in the end, the cost isn’t just financial. It’s generational.

Decode Daily will keep asking the hard questions. Will you?

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