Enugu Leads South East in External Debt, Owes $494.72 Million with Zero Foreign Investment

According to the Debt Management Office (DMO) and the National Bureau of Statistics (NBS), Enugu State has accumulated the highest external debt in the South East geopolitical zone, totaling $494.72 million between 2020 and 2023. The state also recorded zero foreign investment during this period.

The South East states, including Abia, Anambra, Ebonyi, Enugu, and Imo, have a combined external debt of $1.89 billion. Ebonyi has the lowest external debt of $283.7 million, while Anambra and Abia have external debts of $429.6 million and $381.24 million, respectively. Imo’s external debt stands at $308.22 million, with no foreign investment recorded during the period.

The data shows that Abia and Anambra are the only states in the region that attract foreign investment, with Abia receiving $210.12 million and Anambra receiving $51.48 million between 2020 and 2023. Imo, despite having significant natural gas reserves and crude oil deposits, failed to attract any foreign investment during this period.

The states in the region have various mineral deposits, including coal, lead, zinc, limestone, and oil, which could boost their economy if utilized effectively. However, the lack of foreign investment and high external debt raises concerns about the region’s economic potential.

Governor Alex Otti of Abia State has inaugurated the Abia Global Economic Advisory Council to identify and capitalize on the state’s comparative advantages and attract investors. The council aims to make Abia the next big thing in the region.