The United Nations Conference on Trade and Development (UNCTAD) is pushing for measures aimed at easing the debt burden of about $3.4 trillion on Nigeria and other developing countries undergoing economic crisis in the wake of the coronavirus outbreak.
The agency admitted in a report released last week that developing countries are threatened by an imminent debt disaster given that the income of these countries have tumbled significantly.
In the report named ‘From the great lockdown to the great meltdown: Developing country debt in the time of Covid-19,’ analysts foresaw that the $3.4 trillion repayment would comprise between $2 trillion and $2.3 trillion in high-income for developing countries and between $666 billion and $1.06 trillion in middle and low-income countries.
The document called for more systematic, accountable and concerted measures aimed at writing off the debts of developing countries.
