In the debt markets, perception can be as damaging as reality. Nigeria, despite being Africa's largest economy by GDP, continues to borrow at a steep premium compared to its peers. Countries like the Republic of Benin, one-seventh of Nigeria's economic size, access international markets at lower interest rates and on more favourable terms. South Africa, despite battling its own economic demons, also consistently secures better credit ratings and lower bond yields. This disconnect is not only puzzling but costly. Nigeria pays more to borrow, more to roll over debt, and gets less favourable tenors.