World Bank has disclosed that it borrowed most of its money in Africa to Nigeria, as the country now takes the fourth position on the financial institution’s borrowers’ list.
In the newly-released World Bank’s top 10 International Development Association (IDA) borrowers’ list, Nigeria moved from the fifth position to the fourth with a $13 billion debt stock.
Just yesterday (Monday, August 8, 2022), Bismarck Rewane, the Chief Executive Officer (CEO) of Financial Derivatives Company Limited, stated that with the realities on the ground, Nigeria is on the verge of high debt distress.
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