The World Bank has raised concerns over the rising debt profiles of African countries, including Nigeria.

During the release of ‘Africa Pulse’, a bi-annual analysis of African economies in Washington on Wednesday, the World Bank’s Chief Economist, Africa, Albert Zeufack and the Lead Economist, Africa, Punam Chuhan-Pole said the continent had been showing signs of positive growth but warned that its debt was increasing at an alarming rate.

Zeufack stated that the problem of debts in African countries was not the concessional loans secured from the World Bank but commercial loans that countries in the region had gone ahead to secure which according to him, come with exchange rate risks, global financial risks and risks associated with the fluctuating prizes of commodities.

In his submission, Chuhan-Pole said although Nigeria’s remained low going by the nation’s debt to Gross Domestic Product ratio, payments on interests had been high which he said raises the issue of sustainability.

“The rate at which countries are accumulating debts is very high. Our countries need to pay attention to the rate at which debts are rising,” Chuhan-Pole warned.

The report further added that it was important for African countries to embrace new technologies in order to address access to electricity which is needed for improved production on the continent.