Nigeria spends 80%+ of revenue servicing debt at 15-18% rates while South Africa pays 4%. Result: $11bn capital shortfall in 2025. Hospitals get $26K from $156M budgets. Roads decay. Doctors leave. This is Africa's cost of capital crisis, when borrowing costs triple, even moderate debt crushes development. Until African countries build deeper pension systems and diversified investor bases for cheaper capital, debt will remain a constraint rather than a development tool.