The overwhelming public opinion in Nigeria today agrees that the World Bank Group (WBG) is pushing the country back into the debt trap, with little benefits to show for it. By the end of 2009, Nigeria will go from being foreign debt-free in 2006 to owing over US$5 billion to the WBG alone! The Debt Management Office estimates the national debt (domestic and foreign) at about 12-15 per cent of the annual gross domestic product. While few countries can survive today without debt, the speed with...
Full Story: Business Day Online
