Jo Matt

Egypt’s total debt is estimated at over $400 billion, with a GDP around $390 billion — debt-to-GDP above 100%. South Africa’s debt is about $580 billion, with GDP around $420 billion — roughly 135% debt-to-GDP. Nigeria’s total public debt is about $110 billion, with a GDP around $340 billion — roughly 35% debt-to-GDP. Yet some people keep shouting that Nigeria is the “loan capital of the world.” To them: Loans are Haram. Education is Haram. Road construction is Haram. Power projects are Haram. Internet expansion is Haram. Railway modernization is Haram. Airport upgrades are Haram. Seaport reforms are Haram. Dams and agro-processing projects are Haram. Solar energy expansion is Haram. But the same people praise countries that borrowed far more aggressively to build infrastructure and grow their economies. The difference between productive borrowing and reckless borrowing is simple: what the money is used for. If loans are used to build roads, expand electricity, improve transport, increase internet access, modernize ports, support agriculture, and attract investment, those are long-term national assets. President Bola Ahmed Tinubu says the focus is on infrastructure that can improve productivity and economic growth across Nigeria. Criticism is normal in democracy, but opposing every single project simply because of politics helps nobody. Development is not the enemy. Underdevelopment is. Some people are no longer in any coven. They are simply online 24/7 wailing against everything.