{"id":218048,"date":"2022-09-23T08:08:33","date_gmt":"2022-09-23T07:08:33","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=218048"},"modified":"2022-09-23T08:08:33","modified_gmt":"2022-09-23T07:08:33","slug":"afdb-nigeria-needs-help-to-tackle-debt-burden","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/09\/23\/afdb-nigeria-needs-help-to-tackle-debt-burden\/","title":{"rendered":"AfDB: Nigeria needs help to tackle debt burden"},"content":{"rendered":"<p>Akinwumi Adesina, the President of the African Development Bank has stated that Nigeria needs help in tackling its debt burden.<\/p>\n<p>This was stated on Thursday by the AfDB president at the\u00a0Nigeria International Economic Partnership Forum in New York on Thursday.<\/p>\n<p>According to Adesina, <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/29\/akinwumi-adesina-africa-faces-108bn-infrastructure-financing-gap-annually\/\">financing<\/a> was critical to solving Nigeria\u2019s development challenges.<\/p>\n<p>He said, \u201cFinancing is critical because the debt to GDP ratio of Africa has increased to 70 per cent \u2014 several countries are the risk of high debt distress due to unstable, unsustainable debt levels.<\/p>\n<p>\u201cNigeria\u2019s total debt level is N42.84tn or $103bn. External debt levels stand at N16.61tn or $40bn. Ladies and gentlemen, Nigeria needs help to tackle this <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/09\/19\/nigerias-debt-hits-n42-8tn-amid-shrinking-revenue\/\">debt burden<\/a>.\u201d<\/p>\n<p>He further stressed that Nigeria and other African countries needed debt relief.<\/p>\n<p>He also said that African countries, including Nigeria, needed international partnership to tackle climate change.<\/p>\n<p>Adesina also highlighted challenges around investing in Nigeria.<\/p>\n<p>He added, \u201cNigeria\u2019s growth will be conditioned on its ability to fix its massive <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/18\/60-of-low-income-countries-in-debt-distress-says-world-bank\/\">infrastructure deficit<\/a>.\u201d<\/p>\n<p>He said the National Integrated Infrastructure masterplan showed Nigeria would need a total financing of $759 billion up until 2043.<\/p>\n<div class=\"ad-container margin-top margin-bottom \">Adesina further stressed, \u201cWe must change our ways sometimes. To attract greater foreign direct investment to Nigeria, we must fix security. Capital does not like to be troubled.\u201d<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Akinwumi Adesina, the President of the African Development Bank has stated that Nigeria needs help in tackling its debt burden. This was stated on Thursday by the AfDB president at the\u00a0Nigeria International Economic Partnership Forum in New York on Thursday. According to Adesina, financing was critical to solving Nigeria\u2019s development challenges. He said, \u201cFinancing is [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":4582,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[4],"tags":[2677,780,46837,46838,42333],"class_list":["post-218048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-afdb","tag-akinwumi-adesina","tag-debt-burden","tag-external-debt","tag-financing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AfDB: Nigeria needs help to tackle debt burden<\/title>\n<meta name=\"description\" content=\"Akinwumi Adesina, the President of the African Development Bank has stated that Nigeria needs help in tackling its debt burden.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/09\/23\/afdb-nigeria-needs-help-to-tackle-debt-burden\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB: Nigeria needs help to tackle debt burden\" \/>\n<meta property=\"og:description\" content=\"Akinwumi Adesina, the President of the African Development Bank has stated that Nigeria needs help in tackling its debt burden. 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