Must See: Clarifying Nigeria's debt position - Dr Ngozi Okonjo-Iweala (G7 or F9 Economies lol)

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A statement from the Minister of Finance, Dr Ngozi Okonjo-Iweala

There has recently been a lot of misinformation and misconception in our public debate on debt. My goal in this article is to shed some light on the public debt, to clarify the real state of Nigeria’s debt position, and hopefully, provide a knowledge platform for constructive debate.

Let me say at the outset that no one in government is supportive of a Nigeria that returns to a high state of indebtedness. On a personal note, having gone through tremendous stress during the quest for Paris Club debt relief, I am committed to a Nigerian economy that is fiscally prudent, balances its books and remains at a low state of indebtedness.

To begin, Nigeria’s overall debt is comprised of external and domestic debts. The external debt is typically owed to foreign creditors such as multilateral agencies (for example, the Africa Development Bank, the World Bank, or the Islamic Development Bank), to bilateral sources (such as the China Exim Bank, the French Development Bank or the Japanese Aid Agency), or to private creditors such as investors in our Eurobonds.