Follow Us on Google
The African Development Bank (AfDB) has said that external debt of countries in the West African region rose from 13.5 per cent in 2013 to 23.6 per cent of Gross Domestic Product (GDP) by end of February.
The President of the bank, Dr. Akinwumi Adesina, said this at the inauguration of 2019 African Economic Outlook and West Africa Regional Outlook in Abuja on Tuesday.
Adesina, who was represented by AfDB’s Senior Director in Nigeria, Mr. Ebrima Faal, said the issue of external debt was back on the radar in many countries. He noted that an average external debt was on the rise in the region, and had nearly doubled over the past six years.
The AfDB boss also said that the delicate security situation in some parts of the region had continued to impede its economic performance and social stability. According to him, migration remains a major concern, fundamentally driven by rising youth unemployment.
“It is important for us to know and understand these challenges because these issues need to be present in the dialogue we engage with our member countries and factoring in while designing development projects and programmes. There are significant structural and externally induced downside risks to the growth forecast of the region in 2019.”
“The unresolved trade tensions between United States of America and China, the Middle East crisis, and the recurring sanctions on Iran and the uncertainties surrounding Brexit and the predicted slowdowns in European economies like German and France posed threats to the region.
