The World Bank has said Nigeria and some other countries refused to participate in a temporary suspension of debt-service payments due to concerns about future access to debt and credit-rating downgrades.

The bank disclosed this in the new International Debt Statistics 2022 report, which was published on Monday.

It said Nigeria had a 16 per cent increase in the non-guaranteed debt of the private sector in 2020.

“In sub-Saharan Africa, both Ghana and Nigeria recorded a 17 per cent increase in external debt stocks driven by purchases from the IMF of $1bn and $3.4bn, respectively, plus in Ghana, the $3bn pre-pandemic Eurobond issue, and for Nigeria, a 16 per cent rise in the non-guaranteed debt of the private sector,” the report said.

It said at the end of 2020, the 10 largest borrowers eligible for Debt Service Suspension Initiative, including Nigeria, accounted for $509bn external debt stock and 65 per cent of the end-2020 private non-guaranteed external debt.

It said, “There was wide divergence in the rate at which external debt accumulated in individual DSSI-eligible countries, including the group’s largest borrowers. The combined external debt stock of the 10 largest DSSI-eligible borrowers (Angola, Bangladesh, Ethiopia, Ghana, Kenya, Mongolia, Nigeria, Pakistan, Uzbekistan, and Zambia) was $509bn at end-2020, 12 per cent higher than the comparable figure at end-2019 and equivalent to 59 per cent of the external debt obligations of all DSSI-eligible countries combined.

“They also accounted for 65per cent of the end-2020 private non-guaranteed external debt of DSSI-eligible countries.”

According to the report, the DSSI offered 73 IDA-eligible and least developed countries a temporary suspension of debt-service payments owed to official bilateral creditors.

“As of September 2021, 48 countries were participating in the DSSI. Other eligible countries chose not to participate for various reasons. Countries with market access, like Ghana and Nigeria, had concerns about future access and credit-rating downgrades,” it added.

Written By Obioma Ezenwobodo Esq

The three are Law and Practice of Court Martial In Nigeria (N8000 per copy), Handbook on Court Martial Practice (N6000 per copy), and Fundamentals of Confessional Statement in Criminal Trials (N7, 000 per copy).

ORDER: Call or SMS the Publisher 08064999866 or You can also contact: Abuja - Alex 08035991379, Lagos - Yetmoris 08033855230, Enugu - Helen 07067176508, Port Harcourt - Bukky 08034868754, Jos - Bidemi 0806 446 5858, Kano - Raphael 08034010013