The World Bank and West African Institute for Financial and Economic Management (WAIFEM) have announced collaboration between them, which may result in measures that will help keep Nigeria’s local and foreign debt within sustainable levels.
The Debt Management Office (DMO) statistics reveal that the country currently owes local and international creditors a total of $50.91billion (about ₦7.93trillion). As at June 2013, the nation’s external debt stood at $6.92billion (about ₦1.08trillion), while the domestic debt component stood at ₦6.85trillion ($43.99billion).
Director General, WAIFEM, Professor. Akpan Ekpo said that according to the two international bodies, the recent evaluation of debt management practice in countries in the West African region and some sub-national entities using the Debt Management is to ensure that the nation’s debt burden does not rise to a level where it begins to impede the growth and development of the economy.