Africa's Sovereign Borrowing to Reach $155 Billion by 2026

According to a report by S&P Global Ratings, Africa's sovereign borrowing is anticipated to rise to $155 billion by 2026, up from $140 billion in 2025. This increase is attributed to a combination of maturing debt obligations and ongoing fiscal financing needs across the continent.

The report projects that Africa's total sovereign commercial debt will surpass $1.2 trillion by the end of 2026, accounting for 45% of the continent's GDP, including short-term debt. Despite the projected increase in borrowing, S&P notes that the levels among African sovereigns remain relatively low compared to global peers.

The report highlights that structural challenges continue to influence Africa's borrowing patterns, particularly the high costs associated with accessing international capital markets. S&P expects that Africa's largest economies, including Nigeria, Angola, and Ghana, will increase their borrowing by 2026.

As of September 30, 2025, Nigeria's external debt stock was reported at $48.46 billion, representing 46.63% of the total public debt.