Nigeria Off IMF Debt List, 10 African Nations Still in Heavy Debt

Nigeria has finally stepped out of the International Monetary Fund (IMF) debt list, a move that signals some relief for Africa’s largest economy. 

But while Nigeria celebrates its exit, at least 10 other African countries remain weighed down by billions of dollars in debt to the global lender.

Nigeria Clears Its IMF Loans

For years, Nigeria carried the burden of IMF loans, especially the $3 billion borrowed during the COVID-19 crisis. Recently, the Tinubu-led government settled the outstanding balance, removing the country from the IMF’s list of top African debtors.

This repayment is seen as a step towards fiscal discipline and a show of resilience in Nigeria’s economy, especially as foreign reserves strengthen and the naira finds stability. 

Analysts believe it also sends a message to international investors that Nigeria is serious about meeting its financial obligations.

Why IMF debt matters

The IMF has long been a lifeline for African countries facing crises like budget deficits, falling reserves, or external shocks. 

While the loans provide quick support, they come with strict conditions and the risk of repeated borrowing, which can trap nations in cycles of debt.

Countries like Zambia and Uganda highlight this challenge, both have turned to the IMF multiple times, showing how difficult it can be to fully break away from reliance on external funds.

The 10 African Countries Still Owing the IMF

As of September 2025, here are the African nations still heavily indebted to the IMF:

• Egypt – $7.18 billion
  Egypt is the IMF’s largest African debtor. The loans have helped it fight inflation, stabilise its reserves, and keep subsidy programmes alive.
  
• Côte d’Ivoire – $3.04 billion
  The West African nation relies on IMF funding to drive reforms in energy and infrastructure.
  
• Kenya – $3.02 billion
  Kenya borrows to service external debt, support its currency, and close budget gaps.
  
• Ghana – $2.69 billion
  After defaulting on Eurobond payments in 2022, Ghana turned heavily to IMF funds to stabilise its economy.
  
• Angola – $2.66 billion
  Oil price swings continue to hit Angola’s finances, making IMF loans necessary to balance its budget.
  
• Democratic Republic of Congo (DRC) – $1.59 billion
  DRC’s loans are tied to governance reforms and better management of its vast resources.
  
• Tanzania – $1.33 billion
  Tanzania’s reliance comes from efforts to fund infrastructure and reduce fiscal pressure.
  
• Cameroon – $1.24 billion
  IMF debt here supports budgetary needs and long-term structural reforms.
  
• Zambia – $1.13 billion
  Despite repeated support, Zambia still owes over $1 billion, proving how hard it is to break out of the debt cycle.
  
• Uganda – $870 million
  While lower than others, Uganda’s continued requests for loans show chronic dependence, especially with elections approaching in 2026.
  

What Nigeria’s exit means for Africa

Nigeria’s repayment is more than a financial milestone, it is a symbolic win. It shows that an African country can repay its IMF loans and step away from the list of top debtors. 

Still, the examples of Zambia, Uganda, and even Ghana are warnings that without strong reforms and sustainable growth, debt can quickly pile up again.

Nigeria’s ability to manage external loans, including payments to China and India, also reflects its determination to rebuild investor confidence. The country spent about $2 billion servicing external debt between January and April 2025 alone.