Debt and Development in Africa: Examples From Nigeria

Abstract

Dubbed as the ‘sick child of the world’, the African continent presents a peculiar picture in world political cum economic discourse. From manifest development deficit to dearth of leadership needed to chart needed development course, the continent appears disadvantaged in several respects. Among other things, development continues to elude the continent amidst huge debt profile that continues to defy attempts made at achieving commensurate development outcomes. The seeming failure of the continent to achieve development in the face of enormous resources that can be translated to positive development outcomes in the face of mounting debt profile leaves much to be desired. This has thus provoked popular discourse of how the continent can achieve development in the face of huge debt profiles. There is thus need for a careful examination of the nexus between debt and development in Africa. This paper titled ‘Debt and development in Africa: examples from Nigeria’, focuses on Nigeria in the analysis of the intricate nexus between debt profile and development in Africa. Role of elites and the ruling class in shaping continental developmental pace in the face of rising debt profile would come under focus with Nigeria as a case study.

Keywords: Debt, Development, Elite Class; Rentierism, Debt buy-back, Paris Club, Delink, paradigm shift