S&P Report: Nigeria and African Nations Face $90 Billion Debt Repayments in 2026

A recent report by S&P Global Ratings has identified Nigeria and other African nations as facing significant debt repayment obligations totaling around $90 billion in 2026. The report underscores the growing debt pressures and strains on external financial buffers across the continent, with African governments facing increased refinancing risks.

The report, published on Monday, predicts that African sovereigns will need to repay approximately three times the level seen in 2012, reflecting a sharp rise in debt servicing challenges over the last decade. Despite ongoing economic reforms and improvements in sovereign credit outlooks, African nations are expected to encounter tougher borrowing conditions.

Countries like the Republic of Congo have resorted to managing their liabilities through tools like bond buybacks and debt exchanges to reduce refinancing risks. S&P projects Africa's average real GDP growth to be around 4.5% in 2026, with government debt levels forecasted to remain high at approximately 61% of GDP.