Nigeria has the lowest debt-to-GDP ratio (35%) among major African economies, but the highest inflation rate (31%) and steepest currency depreciation. While the debt level appears manageable by ratio, the debt-service-to-revenue ratio (~64%) tells a more concerning story.
| Country | Total Debt | Debt/GDP | Reserves | Debt/Capita | Population | Inflation | FX 5yr Dep. | Rating |
|---|---|---|---|---|---|---|---|---|
| 🇳🇬Nigeria | $120B | 35.9% | $50.8B | $512 | 234M | 15.9% | 378% | B (S&P) |
| 🇿🇦South Africa | $275B | 74.9% | $63.0B | $4,365 | 63M | 4.0% | 35% | BB- (S&P) |
| 🇪🇬Egypt | $360B | 90.0% | $48.0B | $3,273 | 110M | 25.0% | 220% | B (S&P) |
| 🇰🇪Kenya | $85B | 70.0% | $9.2B | $1,518 | 56M | 4.5% | 30% | B (Fitch) |
| 🇬🇭Ghana | $58B | 79.0% | $14.5B | $1,657 | 35M | 18.0% | 200% | B- (S&P) |