African Economies

According to the Nigerian Debt Management Office, Nigeria raised $2.25 billion in a bond sale on Wednesday, 5 November 2025. The sale reflected what Reuters referred to as a ‘sharp improvement in global borrowing conditions’ which has lured so-called highly indebted sovereigns back to international capital markets. Notably, Congo Republic, Angola and Kenya have also sold their high-yield debt to eager investors. Others such as Senegal and Cote d’Ivoire, which in a bid to assume a more conservative stance have resorted to the regional markets instead, such as the West African Monetary Union (WAMU). Nigeria's dual-tranche listing for ten-year and twenty-year bonds was oversubscribed by as much as 12 times. The long 10-year (maturing 2036) and long 20-year (maturing 2046) notes were priced at 8.625% and 9.125% respectively.

L'intégration économique régionale entendue comme « un processus qui conduit plusieurs économies distinctes à former un seul espace économique » (Beitone, Cazorla, Dollo, Drai, Dictionnaire de science économique, p. 290) régional représente un enjeu majeur pour le développement des États. Cette intégration économique est organisée en degrés correspondants aux différentes formes d’intégration. L’un de ses premiers degrés d’intégration est appelé la zone de libre-échange (Elsa Tapsoba, Intégration économique et normes internationales du travail en Afrique de l’Ouest (UEMOA) p.18). Celle-ci correspond à la zone dans laquelle est assurée l’abolition des droits de douane et des barrières non tarifaires entre les pays membres d’une communauté avec toutefois une indépendance des politiques tarifaires extérieures. Il existe plusieurs zones de libre-échange à travers le monde telles que L’Accord de Libre Échange Nord-Américain, le MERCOSUR,Partenariat Économique Régional Global (Regional Comprehensive Economic Partnership Agreement en anglais) et la liste n’est pas exhaustive.

The African Continental Free Trade Area (AfCFTA) represents the most ambitious attempt to unify the continent’s markets under a single framework, with the potential not only to expand intra-African trade but also to reposition Africa within the global economy. Can the AfCFTA break Africa’s cycle of dependency and reposition the continent in the global economy? In this paper, we aim to offer an analysis of the impact of persistent colonial institutional practices on development in Africa, and the role of an African Continental Free Trade Area in articulating agency, creating shockproof economies, establishing continental trade corridors, building regional value chains, and finally asserting Africa’s position in the global economy.

Following its 2020 default on its US$42.5 million Eurobond payment, Zambia became the first African country to experience a sovereign default during the COVID-19 pandemic. Since then, it has been engaged in a protracted effort to restructure its debt, notably under the G20 Common Framework. This Update explores the divergent positions in this dispute and situates the debate within the broader context of the evolving role of regional multilateral development banks in sovereign debt restructuring. It will also examine Zambia’s strategy of third-party subrogation of Afreximbank’s debt and assess whether it offers a viable path forward in resolving its debt crisis and furthering the relevance of African Multilateral Development Banks in the long-term.

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.

The Blog Symposium is therefore a collective intellectual journey across Africa’s diverse regions, from north to south, west to east. It reflects a multiplicity of perspectives, backgrounds, and academic traditions, united by a shared commitment to Africa’s economic integration and transformation. This could have not been possible without the assistance, advise and support of Prof Olabisi Akinkugbe and the whole AfronomicsLaw team. We are grateful for this platform which is making an unprecedented contribution in amplifying African voices in the space of international (economic) law.

According to Nigeria’s Debt Management Office (DMO), as of the second quarter of 2025, Nigeria's total public debt reached ₦152 trillion (US$190 billion), marking an increase of ₦3 trillion compared to the first quarter of the year. This debt is made up of ₦80.55 trillion (US$ 100.69 billion) in domestic obligations and ₦71.84 trillion (US$89.8 billion) in external liabilities, reflecting both federal and subnational borrowing. The growth in total debt, though significant in nominal terms, is contextualized by projections from the World Bank, which indicate that Nigeria’s debt-to-GDP ratio may decline below 40% by the end of 2025 if current trends in economic growth continue. This potential improvement in debt sustainability reflects an expectation that increased economic activity, improved revenue collection, and a moderate fiscal deficit could help stabilize the country’s debt relative to its GDP. Nevertheless, the sheer magnitude of the debt underscores the ongoing fiscal pressures facing Nigeria and raises questions about the effectiveness of current debt management strategies.

Malawi is facing a period of heightened fiscal and economic uncertainty, with rising debt pressures coinciding with a politically significant moment following the return of President Lazarus Mutharika. On the 4th of October 2025, President Mutharika was sworn in as Malawi’s 7th President, taking over from ex-President Lazarus Chakwera. This debt update examines Malawi’s current political and economic landscape, and the fiscal and debt sustainability challenges President Mutharika has inherited. Further, the update highlights perspectives from the IMF and analysts, as well as the evolving role of China in Malawi’s borrowing framework. Drawing solely from recent reporting and analysis, the update highlights both the opportunities and risks that the country faces as it navigates this complex macroeconomic environment.