IMF warns African countries over economic ties with China as Nigeria’s Chinese debt rises to $4.73bn

The International Monetary Fund (IMF) has cautioned Nigeria and other Sub-Saharan African countries over the risks of close economic ties with China. The warning, issued in the latest IMF Regional Economic Outlook on Sub-Saharan Africa, is coming amid reports that Nigeria’s debt to China had risen to $4.73 billion as of June 30, 2023. Data on Nigeria’s external debt profile from the Debt Management Office (DMO) showed that the country’s debt to China increased by $800 million in one year, from $3.93 billion as of June 30, 2022, to $4.73 billion as of June 30, 2023. The debt involves concession…

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