**Nigeria’s External Debt Conundrum: An Economic Seal to Break**
Africa’s economy is in a state of perpetual evolution, but the challenges encountered on the road to progress are sometimes thorny. Nigeria, the economic giant of West Africa, finds itself at the forefront with a colossal external debt, hampering its development and raising legitimate concerns.
Nigeria’s debt history dates back to the colonial era, when loans were first taken to finance railway and energy infrastructure. Since independence in 1960, Nigeria has continued to borrow, both domestically and internationally, to meet its development needs.
Under military rule, the debt skyrocketed, creating a financial gap that has widened over the years. Despite attempts by some leaders to renegotiate debt terms and obtain debt relief, Nigeria’s financial burden remains substantial and poses a major challenge to the country’s economy.
The consequences of this debt are multiple. It has a negative impact on economic growth, reducing the government’s room for maneuver in terms of investments and social policies. In addition, interest payments and principal repayments are hampering the country’s ability to meet its debt obligations.