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Other side of private infrastructure financing

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Critical infrastructure plays a critical role in enhancing economic growth, creating jobs, improving living standards and reducing poverty. Important national goals and aspirations depend largely on how developed and sophisticated its infrastructure is. The inability of governments over the years to put critical infrastructure in place has widened the country’s infrastructure gap. Moody’s, a leading rating agency estimated Nigeria’s infrastructure gap at $3 trillion, which experts say is six times the size of its annual GDP.
Since 2015, the government of President Muhammadu Buhari has more than tripled the level of the Federal Government’s indebtedness to both local and foreign creditors. To be sure, state governments have also been active in the debt market ostensibly to seek funding for development. ....

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Struggling Under a Crushing Weight of Debts

Vanessa Obioha writes that the rising debt profile of Nigeria brings a scrutiny on President Muhammadu Buhari’s administration, which is arguably, the only government that has borrowed more than any in the new democratic dispensation and perhaps the only administration that has recorded two economic recessions
Nigeria’s economy, like most nations in the world, contracted due to the unprecedented Coronavirus pandemic last year. The global crash in oil prices forced the country to suspend the external commercial borrowing as indicated by the Minister of Finance Zainab Ahmed. Ninety per cent of the country’s foreign exchange earnings and about 60 per cent of its total revenue are from the oil sector. ....

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