Carnival Calabar Targets Private Capital to Boost Festival Economy Amid African Financial Pressures

Carnival Calabar aims to attract private capital investment to expand its local economy through the festival.

Aliko Dangote has warned that strong US dollar, elevated global interest rates, and rising external debt threaten development spending across Africa. Governments face pressure to service foreign obligations while financing infrastructure and essential public services.

Nigeria’s naira appreciated by four per cent against the dollar in the first half of 2026, while Ghana’s cedi depreciated by approximately 11 per cent, according to the report.

The combination of these factors could force governments to allocate more resources to debt servicing, leaving less funding available for infrastructure, social services, and other development priorities.

The Dangote Group has highlighted that African governments must balance debt obligations with infrastructure and public service financing amid rising financial pressures.