Concerns have been raised regarding Nigeria’s rising indebtedness; however, the Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala, have disagreed on the country’s debt to gross domestic product ratio.
Okojo-Iweala stated that the debt-to-GDP ratio had increased to 35 percent, but Ahmed stated that it was 29 percent.
During the African Development Bank’s high-level knowledge event on the topic “From Debt Resolution to Growth: The Way Forward for Africa,” which was held electronically, both the minister and the director-general of the World Trade Organization (WTO) spoke.
The Nigerian minister also stated that the country intends to borrow additional funds to expand its infrastructure capabilities.
This is despite calls from some quarters for the government to cease lending and instead concentrate on alternative methods of collecting cash to finance the country’s infrastructure needs.