Nigeria, March 4 -- The African Export-Import Bank (Afreximbank) recently released a report stating that Nigeria and nine other African nations account for 69% of the continent's foreign debt stock.

According to the report African Debt Outlook: A Ray of Optimism, Nigeria is among the top three most indebted nations, accounting for 8% of Africa's total external debt.

South Africa is the biggest debtor, with 14% of Africa's total external debt, followed by Egypt with 13%.

Angola has five percent, while Morocco and Mozambique each have six percent. Senegal and Cote d'Ivoire each own 3%, while Ghana and Kenya own 4%.

The report ascribes the high debt levels to the need for infrastructure funding, volatility in foreign exchange profits, an...