Nigeria accounts for 16 per cent of Africa’s outstanding corporate debt, emerging as the continent’s second-largest market after South Africa.

This is contained in the 2026 Africa Capital Markets Report released by the Organisation for Economic Co-operation and Development, OECD.

The report shows that South Africa leads with 30 per cent of the continent’s corporate debt stock, while Nigeria follows with 16 per cent and Egypt with 13 per cent.

Mauritius accounts for nine per cent, Mozambique six per cent and Morocco five per cent.

Collectively, the six countries control 80 per cent of Africa’s outstanding corporate debt, estimated at 211 billion dollars.

The OECD, however, observes that Africa’s corporate debt market remains relatively underdeveloped, despite the continent’s growing financing needs.

It notes that syndicated loans account for 81 per cent of outstanding corporate debt, while corporate bonds represent about 35 billion dollars.

The report also reveals that only 17 per cent of corporate debt issued in 2025 was denominated in local currencies, leaving businesses exposed to foreign exchange risks.

It identifies stronger regulatory frameworks, currency stability and deeper domestic capital markets as critical to expanding access to long-term financing.

The OECD further estimates that Africa has more than 4.4 trillion dollars in domestic capital pools that could be mobilised to support businesses, infrastructure and economic development.