List of Countries and Institutions Nigeria is Owing and How much
President Bola Ahmed Tinubu has successfully secured his second foreign loan as the World Bank granted its approval for a substantial amount of $500 million. The primary focus of this newly obtained loan is to address the specific needs and enhance the livelihoods of women throughout Nigeria.
This recent loan acquisition further contributes to the growing external debt of Nigeria, which encompasses obligations owed to various countries and financial institutions. The World Bank officially declared the approval of the loan on Monday, June 26, 2023, emphasizing its intention to support and uplift Nigerian women.
According to an article in The Punch, the World Bank has approved a second loan of $500 million under the administration of President Bola Ahmed Tinubu. This loan aims to expand the financing for the Nigeria for Women Programme (NFWP), which was initially approved on June 27, 2018, with a $100 million financing package.
In a statement issued by the World Bank, it was explained that the approved loan, known as the NFWP-SU (Nigeria for Women Program Scale Up), will support the Nigerian government in making investments to enhance the livelihoods of women in the country. The NFWP-SU is expected to foster better economic opportunities for women, address gender inequality, improve education, healthcare, and nutrition outcomes for families, as well as build resilience to climate change among women and communities.
This latest loan contributes to Nigeria’s overall foreign debt, which amounted to $42.67 billion as of March 31, 2023, as reported by the Debt Management Office. The debt composition includes $5.16 billion in bilateral loans owed to various countries, representing 12.10 percent of the total foreign debt. Multilateral debt, which comprises loans from institutions like the World Bank and the International Monetary Fund, stands at $20.65 billion. Commercial loans, including Eurobonds and Diaspora bond debt, account for $15.61 billion. Additionally, a syndicated loan arranged by the Africa Finance Corporation (AFC) amounts to $300 million, and promissory notes total $931.26 million.
As of March 2023, Nigeria’s external debt to various countries stands as follows:
- China (Exim Bank of China): $4.34 billion
- France (Agence Francaise Development): $593.75 million
- Japan (Japan International Cooperation Agency): $62.02 million
- India (Exim Bank of India): $26.64 million
- Germany (Kreditanstalt Fur Wiederaufbau): $144.75 million
List of institutions Nigeria owes countries as at March 2023
World Bank Group:
- International Development Association: $13.84 billion
- International Bank for Reconstruction and Development: $488.35 million
African Development Bank Group:
- African Development Bank: $1.57 billion
- Africa Growing Together Fund: $19.97 million
- African Development Fund: $972.55 million
Other international financial institutions:
- International Monetary Fund: $3.30 billion
- Arab Bank for Economic Development in Africa: $5.34 million
- European Development Fund: $37.74 million
- Islamic Development Bank: $144.12 million
- International Fund for Agricultural Development: $272.30 million
According to a report by Legit.ng, Nigeria’s public debt has surged to N82 trillion, increasing from the previous N77 trillion, following the announcement of the Central Bank of Nigeria (CBN) regarding the unification of the exchange rate on Wednesday, June 14, 2023.
The CBN’s press release stated that all exchange rate windows have been merged into the Importers and Exporters (I&E) window, resulting in the consolidation of multiple exchange rates. This unification has caused the value of the naira to decline to N664 per dollar and has brought about significant repercussions for the country’s economy, including a notable upsurge in public debt.
