* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, August 29, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ‘Netflix House’ entertainment complexes are coming. Here’s when they open – Los Angeles Times

    Exciting News: Netflix’s House Entertainment Complexes Are Opening Soon!

    ‘Big Brother’s’ Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy – El Paso Inc.

    Big Brother’s Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy

    ‘SNL’ Parts Ways With Emil Wakim Amid Rumored Season 51 Cast Shakeup – yahoo.com

    SNL Shakes Up Season 51 Cast with Emil Wakim’s Surprising Exit

    Do you have a favorable or an unfavorable opinion of Taylor Swift? – YouGov

    Do You Love Taylor Swift or Not? Share Your Thoughts!

    Upload Season 4 Review – yahoo.com

    Upload Season 4 Review: A Thrilling New Chapter Unveiled

    ‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

    The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    13 Top Technology Trends (2025) – Exploding Topics

    13 Game-Changing Technology Trends to Watch in 2025

    Japan’s legacy LCD and chip technology find new home in India – Nikkei Asia

    How Japan’s Breakthrough LCD and Chip Technologies Are Driving Innovation in India

    ITSWC 2025: Thursday sessions guide – Traffic Technology Today

    Your Ultimate Guide to Thursday Sessions at ITSWC 2025

    MC Machinery Technology Summit Showcases Manufacturing Innovations – Modern Machine Shop

    MC Machinery Technology Summit Unveils Cutting-Edge Manufacturing Innovations

    US-ROK Technology Cooperation Faces Rising Tensions – The National Interest

    Rising Tensions Put US-South Korea Technology Partnership to the Test

    The Role of AI and Technology in Shaping the Future of Interactive Entertainment – Technology Org

    How AI and Technology Are Transforming the Future of Interactive Entertainment

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ‘Netflix House’ entertainment complexes are coming. Here’s when they open – Los Angeles Times

    Exciting News: Netflix’s House Entertainment Complexes Are Opening Soon!

    ‘Big Brother’s’ Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy – El Paso Inc.

    Big Brother’s Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy

    ‘SNL’ Parts Ways With Emil Wakim Amid Rumored Season 51 Cast Shakeup – yahoo.com

    SNL Shakes Up Season 51 Cast with Emil Wakim’s Surprising Exit

    Do you have a favorable or an unfavorable opinion of Taylor Swift? – YouGov

    Do You Love Taylor Swift or Not? Share Your Thoughts!

    Upload Season 4 Review – yahoo.com

    Upload Season 4 Review: A Thrilling New Chapter Unveiled

    ‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

    The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    13 Top Technology Trends (2025) – Exploding Topics

    13 Game-Changing Technology Trends to Watch in 2025

    Japan’s legacy LCD and chip technology find new home in India – Nikkei Asia

    How Japan’s Breakthrough LCD and Chip Technologies Are Driving Innovation in India

    ITSWC 2025: Thursday sessions guide – Traffic Technology Today

    Your Ultimate Guide to Thursday Sessions at ITSWC 2025

    MC Machinery Technology Summit Showcases Manufacturing Innovations – Modern Machine Shop

    MC Machinery Technology Summit Unveils Cutting-Edge Manufacturing Innovations

    US-ROK Technology Cooperation Faces Rising Tensions – The National Interest

    Rising Tensions Put US-South Korea Technology Partnership to the Test

    The Role of AI and Technology in Shaping the Future of Interactive Entertainment – Technology Org

    How AI and Technology Are Transforming the Future of Interactive Entertainment

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Nigeria, others spend $443.5bn to service debt in 2022 – World Bank

December 16, 2023
in Business
Nigeria, others spend $443.5bn to service debt in 2022 – World Bank
Share on FacebookShare on Twitter

Nigeria, alongside other developing countries spent $443.5 billion to service public debt amid surge in interest rate, according to the World Bank.

The multilateral lender revealed this this in its recent International Debt Report for 2023, a longstanding annual publication featuring external debt statistics and analysis for the 122 low and middle-income countries that report to the World Bank Debt Reporting System.

“Amid the biggest surge in global interest rates in four decades, developing countries spent a record $443.5bn to service their external public and publicly guaranteed debt in 2022,” the World Bank said.

The Washington-based global lender stated that the rise in borrowing costs had diverted scarce resources away from critical needs such as education, health, and the environment.

“Debt-service payments which include principal and interest increased by five per cent over the previous year for all developing countries.

Read also: NNPC needs to be transparent about profit, revenue – World Bank

The 75 countries eligible to borrow from the World Bank’s International Development Association which supports the poorest countries paid a record $88.9bn in debt-servicing costs in 2022,” World Bank said.

World Bank stated that over the past decade, interest payments by these countries have quadrupled, to an all-time high of $23.6 billion in 2022.

Read also: There is a mafia in Nigeria’s Supreme Court that makes it the worst in the world – Agbakoba alleges
“Overall debt-servicing costs for the 24 poorest countries are expected to balloon in 2023 and 2024 by as much as 39 percent,” it said.

The Bretton Woods Institution stated that rising interest rates had made all developing nations more vulnerable to debt.

“There have been more sovereign defaults in the last three years than in the entire preceding two decades, affecting ten developing nations,” it said, adding that approximately 60 percent of low-income nations are currently in or at high risk of entering debt distress.

The World Bank said the stronger US dollar is adding to their difficulties, making it even more expensive for countries to make payments.

“Under the circumstances, a further rise in interest rates or a sharp drop in export earnings could push them over the edge,” World Bank said.

Read also: World Bank invests $500m to support livestock production in Nigeria

The Washington-based global lender said Nigeria and Tanzania were the top recipients of new financing from the World Bank in 2022 at $2.9 billion and $2.7 billion respectively.

“Total new commitments (from all types of creditors, including official and private) to Public and publicly guaranteed sector entities in International Development Association-eligible countries totaled $67 billion in 2022, a 30 percent decrease from the all-time high in 2021,’ it said.

The World Bank stated that this drop was primarily due to the decline in commitments from private sector creditors, which fell 72 percent to $9.7 billion.

“New commitments to International Development Association eligible countries from bilateral creditors also decreased by 30 percent to $14.2 billion. By contrast, new commitments from multilateral creditors increased by 4 percent to $43 billion,” it said.

Read also: NNPC needs to be transparent about profit, revenue – World Bank

The Washington-based global lender stated that new commitments by the World Bank (including IBRD and IDA lending) accounted for 58 percent of total multilateral creditor commitments, increasing by 8 percent in 2022 to an all-time high of $25.2 billion.

The World Bank said in 2022, the Bank of Industry of Nigeria, an official development bank, issued a $700 million Eurobond with a sovereign guarantee, which marked the institution’s first Eurobond issuance as well as the first provision of a Eurobond guarantee by the Federal Government of Nigeria.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Businessday.ng – https://businessday.ng/news/article/nigeria-others-spend-443-5bn-to-service-debt-in-2022-world-bank/

Tags: businessNigeriaothers
Previous Post

itel launches itel P55T smartphone with android 14 go edition and long-lasting battery

Next Post

FAAC disburses N1.08trn to FG, States, LGs

Lake Tanganyika cichlids partition habitat by time – Nature

How Lake Tanganyika Cichlids Share Their Habitat by Time to Thrive

August 29, 2025
Ancient Life “Wakes Up” After 100 Million Years Under the Seafloor – IFLScience

Ancient Life Resurfaces After 100 Million Years Hidden Beneath the Seafloor

August 29, 2025
Golden Apple: Seward science teacher helps students soar – KOLN | Nebraska Local News, Weather, Sports | Lincoln, NE

Golden Apple Award: Seward Science Teacher Inspires Students to Soar

August 29, 2025
Maverick Lifestyle Inc.’s Beta Climbs After Market Volatility getLinesFromResByArray error: size == 0 – thegnnews.com

Maverick Lifestyle Inc.’s Beta Climbs After Market Volatility getLinesFromResByArray error: size == 0 – thegnnews.com

August 29, 2025
13 Top Technology Trends (2025) – Exploding Topics

13 Game-Changing Technology Trends to Watch in 2025

August 29, 2025
With Micah Parsons trade following Luka Dončić blockbuster, Dallas sports fans continue to have miserable year – CBS Sports

Micah Parsons Trade After Luka Dončić Blockbuster Leaves Dallas Sports Fans Reeling

August 29, 2025
Mismatches will not halt Women’s Rugby World Cup momentum, insist organisers – The Guardian

Women’s Rugby World Cup Momentum Unstoppable Despite Challenges, Organisers Insist

August 29, 2025
Europe Is Spending Big on Defense. Will That Help Its Ailing Economy? – The New York Times

Europe Is Spending Big on Defense. Will That Help Its Ailing Economy? – The New York Times

August 29, 2025
‘Netflix House’ entertainment complexes are coming. Here’s when they open – Los Angeles Times

Exciting News: Netflix’s House Entertainment Complexes Are Opening Soon!

August 29, 2025
CDC director’s firing prompts health concerns : The News4 Rundown – NBC4 Washington

Firing of CDC Director Ignites Nationwide Health Alarm

August 29, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (796)
  • Economy (815)
  • Entertainment (21,694)
  • General (16,739)
  • Health (9,856)
  • Lifestyle (829)
  • News (22,149)
  • People (816)
  • Politics (822)
  • Science (16,025)
  • Sports (21,314)
  • Technology (15,796)
  • World (797)

Recent News

Lake Tanganyika cichlids partition habitat by time – Nature

How Lake Tanganyika Cichlids Share Their Habitat by Time to Thrive

August 29, 2025
Ancient Life “Wakes Up” After 100 Million Years Under the Seafloor – IFLScience

Ancient Life Resurfaces After 100 Million Years Hidden Beneath the Seafloor

August 29, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version