Nigeria, Five Others Account for 80% of Africa’s Corporate Debt.
OECD: Nigeria, Five Others Account for 80% of Africa’s Corporate Debt Nigeria accounted for 16 per cent of Africa’s outstanding corporate debt at the end of 2025, placing it second behind South Africa among six countries that collectively held 80 per Nigeria accounted for 16 per cent of Africa’s outstanding corporate debt at the end of 2025, placing it second behind South Africa among six countries that collectively held 80 per cent of the continent’s total, according to the Organisation for Economic Co-operation and Development.
The OECD Africa Capital Markets Report 2026 released on Friday, reported that South Africa held the largest share at about 31 per cent, followed by Nigeria and Egypt, at 16 per cent and 13 per cent, respectively.
Mauritius accounted for nine per cent, Mozambique six per cent and Morocco five per cent, underscoring the concentration of corporate borrowing in a handful of African economies.
The report showed that South Africa had retained its position as the continent’s largest corporate debt market over the past 15 years, with outstanding debt of $63 billion at the end of 2025. Egypt’s share, however, declined considerably over the period. Companies headquartered in the country accounted for 30 per cent of Africa’s corporate debt in 2010, slightly below South Africa’s share. By 2025, that proportion had fallen by more than half.
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