Nigeria accounted for 16% of Africa’s outstanding corporate debt at the end of 2025, making it the continent’s second-largest market after South Africa. The figures are contained in the OECD Africa Capital Markets Report 2026, which found that six African countries held 80% of the region’s corporate debt.
South Africa accounted for 31%, followed by Nigeria at 16% and Egypt at 13%. Mauritius, Mozambique and Morocco made up the remaining shares with 9%, 6% and 5%, respectively. The OECD noted that Africa’s capital markets remain relatively small, with limited liquidity and heavy dependence on bank lending.
The report estimated that Africa has more than $4.4 trillion in domestic financial assets that could support long-term investment if better mobilised through capital markets. In Nigeria, businesses continue to rely heavily on bank loans, although commercial paper and corporate bond issuances have provided additional funding options.
