Data from the Debt Management Office indicates that Nigeria had outstanding debts totaling $20.8 billion with global financial bodies like the World Bank Group, the African Development Bank Group, and the International Monetary Fund. This represents 48.17% of the nation’s overall debt.
Within the World Bank Group, Nigeria’s obligations include approximately $14 billion to the International Development Association and around $485 million to the International Bank for Reconstruction and Development.
Breakdown of the debts
According to available data, Nigeria has financial obligations across various branches of the African Development Bank Group. Specifically, the country owes around $1.56 billion to the African Development Bank, $20.08 million to the Africa Growing Together Fund, and $980.86 million to the African Development Fund.
Additionally, Nigeria is in debt to the Arab Bank for Economic Development in Africa for $5.34 million, the European Development Fund for $36.35 million, the Islamic Development Bank for $153.36 million, and the International Fund for Agricultural Development for $265.51 million. Furthermore, the nation has an outstanding balance of approximately $3.3 billion with the International Monetary Fund.
As of June 30, 2023, Nigeria’s total external debt stands at an estimated $43.2 billion. Within this financial landscape, China’s Exim Bank emerges as Nigeria’s most significant bilateral lender with a debt of about $4.7 billion. Other bilateral debts include $572.61 million to France’s Agence Francaise Development, $57.18 million to the Japan International Cooperation Agency, $26.64 million to India’s Exim Bank, and $135.26 million to Germany’s Kreditanstalt Fur Wiederaufbau.
On the international market, Nigeria has also issued $15.6 billion in Eurobonds. Additionally, it has outstanding promissory notes amounting to approximately $931.7 million and syndicated loans totaling around $300 million. These figures come alongside the $20.8 billion owed to major international financial institutions such as the World Bank Group, the International Monetary Fund, and the African Development Bank Group.
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