President Bola Ahmed Tinubu has disclosed that Nigeria will spend about $11.6 billion on debt servicing in 2026, representing nearly half of the country’s projected revenue.
Speaking at the Africa Forward Summit in Nairobi, Kenya, Tinubu also criticised what he described as an unfair international financial system that undermines Africa’s industrial growth and economic development.
The summit, co-hosted by French President Emmanuel Macron and Kenyan President William Ruto, brought together leaders and officials from more than 30 countries.
Tinubu said Africa’s economies continue to suffer from a global financial architecture that limits access to affordable capital, encourages illicit financial flows and imposes restrictive conditions on developing nations.
He said that despite decades of independence, Africa contributes less than two per cent of global manufacturing value, while exporting raw materials and importing finished goods at high costs.
Tinubu said Nigeria had undertaken painful but necessary reforms, including the removal of fuel subsidies, exchange rate unification, banking sector recapitalisation and exit from the FATF grey list.
He noted that the reforms had improved investor confidence, strengthened external reserves to $45.5 billion and reduced the country’s debt-to-GDP ratio, projected at 32.3 per cent in 2026.
However, he lamented that high borrowing costs continue to weaken industrial growth across Africa.
“Every dollar spent on punitive interest rates is a dollar not invested in steel, textiles, agro-processing, digital industries or power infrastructure,” he said.
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