According to the UN, African countries pay four times more for loans than the US and eight times more than wealthy countries in Europe. The UN cites the typical needs of a developing country, exasperated by the COVID pandemic, rising housing costs, and climate change.Īnother issue is that more and more debt in developing countries is held by private lenders who charge much higher interest rates. However, the risk is that Nigeria cannot keep up with the education needed for a young population that large.Īccording to the UN report, countries facing "high levels of debt" more than doubled from 22 in 2011 to 59 in just 11 years. globe earth logo globe icon global logo international logo international abstract globe logo travel logo corporate logo Globe Logo Images Reach customers, clients and audiences from all parts of the world by using a globe logo in your imagery, be it corporate or just decorative. Paint Brush Logo, Purple Painting Logo, Refurbished Furniture Logo, Floral Painter Logo, Rustic Paint Logo, Custom Refinished Furniture Logo.
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On the plus side, that population will be younger and should provide the workforce needed to move the country forward, especially in fields like tech. Nigeria, for example, is expected to nearly double its population by 2050, matching the United States as the third-largest country in the world. Account icon An icon in the shape of a person's head and shoulders.
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