The Nigeria current recorded Debt to GDP ratio stood at 11 percent of the country's Gross Domestic Product in 2013. “Government Debt To GDP in Nigeria averaged 35.96 Percent from 2000 until 2013, reaching an all time high of 88 Percent in 2001 and a record low of 11 Percent in 2013. Government Debt To GDP in Nigeria is reported by the Central Bank of Nigeria.” Nigeria enjoyed one of the lowest debt to gdp ratio in the world. The country’s exit from Paris and London Clubs of Creditors via the payment of foreign debts in 2006, played a vital role in the current status quo.
The examination of the below graphs of different nations compared to Nigeria attested to macro-prudency policy of President Jonathan’s economic team, led by Dr. Ngozi Okonjo-Iweala, Nigerian minister of Finance.
Swiss traders’ shenanigans on the buying of Nigeria and Africa’s crude oil without transparency and accountability
In Nigeria, Swiss companies bought oil worth $37 billion over the three years, an amount equal to more than 18 percent of the national government’s revenues. Payments of this scale that affect the development prospects of poor countries require public oversight, which has been largely missing in most of the scenarios described in this report. Transparency provides citizens with a tool to hold their government to account for the management of their country’s most valuable asset. To achieve transparency, we recommend the following: • Oil-producing governments and NOCs should adopt rules and practices that encourage integrity in the selection of buyers and determination of the selling price, including detailed public disclosures on how the state’s share of production is allocated and sold.
Switzerland should accept its responsibility as the world’s leading commodity trading hub and pass regulation that requires Swiss companies producing or trading in natural resources to disclose all payments made to governments and state-owned companies, including payments associated with trading activities. In a 25 June 2014 report, the Swiss federal government indicated a preference to exclude trading-related payments from future regulation of this kind. If that position holds, the payments described in this report would remain secret.
Click for full report : Big Spenders: Swiss trading companies, African oil and the risks of opacity