• About
  • Advertise
  • Contact
Wednesday, May 28, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Nigeria, 7 Other African Countries In ‘Debt Distress – World Bank

Vital News by Vital News
October 5, 2022
in Economy
0
Share on FacebookShare on Twitter

The World Bank says eight countries in sub-Saharan Africa are in debt distress, and 14 are at high risk of joining them.

The bank said the countries are part of 38 countries eligible for the International Development Association (IDA) loans.

Countries in sub-Saharan Africa includeNigeria, Angola, Kenya, South Africa, Ghana, Chad, Ethiopia and others.

The Washington-based organisation said this in its latest Africa’s Pulse report, released on Tuesday.

Africa’s Pulse is a biannual analysis of the near-term macroeconomic outlook for the region.

RelatedStories

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

Tinubu’s Nigeria First Policy, Unique, Revolutionary -TMSG

FAAC Disburses N1.681trillion April Revenue To FG, States, LGs

It said that African governments spent 16.5 per cent of their revenues servicing external debt in 2021, up from less than 5 percent in 2010.

The bank said that debt is projected to stay elevated at 58.6 percent of gross domestic product (GDP) in 2022 in SSA.

“At the same time, high commercial borrowing costs make it difficult for countries to borrow on national and international markets while tightening global financial conditions are weakening currencies and increasing African countries’ external borrowing costs,” the report adds.

The report also said that Sub-Saharan Africa’s economy would grow 3.3 percent this year, down from 4.1 percent in 2021.

It attributed the decline to a slowdown in global growth, including flagging demand from China for commodities produced in Africa.

The World Bank said the war in Ukraine has continued to exacerbate already high inflation and weighing on economic activity by depressing both business investments and household consumption.

It said that as of July 2022, 29 of 33 countries in Sub‐Saharan Africa (SSA) with available information had inflation rates over 5 percent while 17 countries had double-digit inflation.

“Elevated food prices are causing hardships with severe consequences in one of the world’s most food-insecure regions,” the report adds.

“Hunger has sharply increased in SSA in recent years, driven by economic shocks, violence and conflict, and extreme weather.

“More than one in five people in Africa suffer from hunger, and an estimated 140 million people faced acute food insecurity in 2022, up from 120 million people in 2021, according to the Global Report on Food Crises 2022 Mid-Year Update.

“The interconnected crises come at a time when the fiscal space required to mount effective government responses is all but gone.”

Commenting on the report, Andrew Dabalen, World Bank chief economist for Africa, said, “These trends compromise poverty reduction efforts that were already set back by the impact of the Covid-19 pandemic”.

“What is most worrisome is the impact of high food prices on people struggling to feed their families, threatening long-term human development.

“This calls for urgent action from policymakers to restore macro-economic stability and support the poorest households while reorienting their food and agriculture spending to achieve future resilience.”

The World Bank advised African governments to urgently restore macroeconomic stability and protect the poor citizens of their respective countries.

“For example, one dollar invested in agricultural research yields, on average, benefits equivalent to $10, while gains from investments in irrigation are also potentially high in SSA,” the bank said.

“Such reprioritisation maintains spending in a critical sector while raising productivity, building resilience to climate change, and achieving food security for all.

“Creating a better environment for agribusiness and facilitating intra-regional food trade could also increase long-term food security in a region highly dependent on food imports.”

Tags: bankdebtstressworld
Previous Post

Terrorists Free 23 Remaining Abuja-Kaduna Train Attack Victims

Next Post

In Kogi, Armed Hoodlums Sack Dangote Cement Company, Obajana, Shot 7 Workers. Injure Many

Vital News

Vital News

RelatedStories

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun
Economy

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

May 27, 2025
We Are Better Off Together, President Tinubu To Malian Leader
Economy

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

May 19, 2025
Economy

Tinubu’s Nigeria First Policy, Unique, Revolutionary -TMSG

May 16, 2025
FAAC Shares N1.411trillion October Revenue Among FG, States, LGs
Economy

FAAC Disburses N1.681trillion April Revenue To FG, States, LGs

May 16, 2025
$50million Beverages Company To Berth In Ogun
Business

$50million Beverages Company To Berth In Ogun

May 14, 2025
Next Post

In Kogi, Armed Hoodlums Sack Dangote Cement Company, Obajana, Shot 7 Workers. Injure Many

Alleged Money Laundering : Court orders FCMB To Pay N540mln To Omales

2023 : What Church Must Do Over APC’s Same Faith Ticket – Onaiyekan

Leave a Reply Cancel reply

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

Follow Us

Recommended

Tinubu, Abiodun, Anyaoku, Other Eminent Nigerians Throng Erunwon To Bid Chris Ogunbanjo Farewell

Tinubu, Abiodun, Anyaoku, Other Eminent Nigerians Throng Erunwon To Bid Chris Ogunbanjo Farewell

1 year ago
NDLEA Recovers Cocaine Worth N4.4bln From Ethiopia Airline Aircraft, Grills 30 Suspects Over Seizure

NDLEA Recovers Cocaine Worth N4.4bln From Ethiopia Airline Aircraft, Grills 30 Suspects Over Seizure

7 months ago
The Suspension of Wale Adedayo, Suspended Chairman, Ijebu East Local Government : What You Should Know  by Hon Fasheyi Adesuji Akindele

Ogun Gets 4 New Permanent Secretaries

2 years ago
How Illegal Miners Killed Two People, Injured 77 Others In Ibadan Explosion – Makinde

Ibadan Explosion : Reps To Pass Bill On State Policing

1 year ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

Kogi, FRSC Move To Reduce Carnage On Obajana-Kabba, Lokoja – Abuja Highways, Others

ANA Holds Election, MD Graphic Newspaper Vies For Chairmanship

Housing Minister Inaugurates Committee For Disposal Of 753 Housing Units Recovered From Abuja Estate

GIMP Salutes Turner On Appointment As President Of Religious, Peace-centric University

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

President Tinubu Departs To Lagos For Celebration of ECOWAS 50th Anniversary, To Commission Projects

Trending

Famous African Author,  Ngũgĩ wa Thiong’o Dies At 87
Culture

Famous African Author, Ngũgĩ wa Thiong’o Dies At 87

by Vital News
May 28, 2025
0

Famous African Author, Ngũgĩ wa Thiong'o has died at the age of 87 years. Ngũgĩ wa Thiong'o...

Dangote Cement Rewards Distributors, Customers With CNG-Trucks, N11billion Cash At Awards Nite

Dangote Cement Rewards Distributors, Customers With CNG-Trucks, N11billion Cash At Awards Nite

May 28, 2025
NSCDC Arrests 17 Illegal Miners In Kogi, Impounds 3 Trucks, 39 Motorcycles

NSCDC Arrests 17 Illegal Miners In Kogi, Impounds 3 Trucks, 39 Motorcycles

May 28, 2025
Kogi, FRSC Move To Reduce Carnage On Obajana-Kabba, Lokoja – Abuja Highways, Others

Kogi, FRSC Move To Reduce Carnage On Obajana-Kabba, Lokoja – Abuja Highways, Others

May 28, 2025
ANA Holds Election, MD Graphic Newspaper Vies For Chairmanship

ANA Holds Election, MD Graphic Newspaper Vies For Chairmanship

May 28, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Famous African Author, Ngũgĩ wa Thiong’o Dies At 87 May 28, 2025
  • Dangote Cement Rewards Distributors, Customers With CNG-Trucks, N11billion Cash At Awards Nite May 28, 2025
  • NSCDC Arrests 17 Illegal Miners In Kogi, Impounds 3 Trucks, 39 Motorcycles May 28, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In