The external debt stocks of Nigeria and other developing economies amounted to $11.4 trillion in 2023, more than twice the size a decade ago, according to the SDG Pulse 2024, a new report by the UN Trade and Development (UNCTAD) has revealed.
According to the report, Low-income Countries (LICs) and Least Developing Countries (LDCs) spent nearly 20 per cent of the government’s revenues on debt repayments in 2023 – four times the percentage seen in 2013.
Nigeria’s external debt stock stood at $42.11 billion as of March 31, 2024, and incurred a debt service cost of $3.5 billion for its external loans in 2023.
The UNCTAD report explained that the rising costs of borrowing drain vital public resources for development, with 3.3 billion people living in countries that spend more on interest than on health or education.
It said: “In 2023, the external debt stocks of developing economies amounted to $11.4 trillion, more than twice the figures a decade ago.
“More concerning is the rising costs of borrowing draining vital public resources for development, with 3.3 billion people living in countries that spend more on interest than on health or education.”Low-income countries and LDCs spent nearly 20% of government revenues on debt repayments in 2023 – four times the percentage seen in 2013,” the report affirmed.
The SDG Pulse 2024 provided a global reference for tracking developments related to the implementation of the 17 Sustainable Development Goals (SDGs).
The annual statistical publication, now in its sixth edition, painted a mixed picture of how the world is faring on global goals, highlighting the stark disparities that remain despite significant advancements.
“This report serves as a call to action, urging policymakers, businesses, and civil society to leverage its insights to drive meaningful change. The time for data-informed action is now,” said UN Trade and Development Secretary-General, Rebeca Grynspan.
The SDG Pulse 2024 comes on the heels of recent findings from the United Nations that only 17 per cent of the SDG targets are on track, though the world is more than halfway along the timeline of the 2030 Agenda for Sustainable Development.
Its data and analysis cover a wide range of SDG indicators relevant to trade, investment, financing for development, debt, transport, and technology.
The report emphasised the need to strengthen the multilateral trading system for inclusive development.
Ndubuisi Francis
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