Commercial long-term borrowing by African sovereigns is projected to rise to $155 billion in 2026, up from $140 billion issued in 2025, according to the latest estimates by S&P Global Ratings. The global credit rating agency disclosed the data in a report shared with Nairametrics on Tuesday.
The report attributed the increase to a combination of maturing debt obligations and ongoing fiscal financing requirements across the continent. S&P projected that Africa’s total sovereign commercial debt, including short-term obligations, will exceed $1.2 trillion by the end of 2026, representing roughly 45 per cent of GDP.
“Rising borrowing reflects growing financing needs among African economies, with governments managing both existing liabilities and funding development priorities,” the report noted.
Nigeria is expected to be among the leading African nations facing substantial debt repayment obligations in 2026, as total external debt repayments across the continent approach $90 billion.
According to the Debt Management Office (DMO), Nigeria’s total public debt stock rose to US$103.94 billion, equivalent to about N153.29 trillion, as of September 30, 2025. Of this, the external debt stock stands at US$48.46 billion (approximately N71.48 trillion), representing 46.63% of the country’s total public debt.
S&P Global Ratings highlighted that the outlook signals a steady expansion in Africa’s debt profile as governments continue to balance financing for development with the management of existing obligations.
