The International Development Association (IDA) is Nigeria’s single biggest creditor, with a portfolio worth $12.54 billion, according to Debt Management Office (DMO) latest figures.
IDA, a member of the World Bank Group, is followed by China (Exim Bank of China) with $3.93 billion and International Monetary Fund (Fund) with $3.27 billion credit facilities.
While World Bank and IMF are multilateral lenders, the Exim Bank of China is a bilateral lender. Multilateral financing is a credit facility provided to a borrower by more than one lender on uniform terms and conditions using common documentation. Bilateral lending is usually between an individual and the lender.
In June 2022, Nigeria’s total public debt was N42.84 trillion ($103.31 billion) compared to N41.60 trillion ($100.07 billion).
Public debt consists of domestic and external debt stocks of the federal government, thirty-six states and the federal capital territory (FCT).
While the domestic debt stood at N26.23 trillion ($63.24 billion), the foreign debt stood at $40.06 billion (N16.61 trillion).
The federal government’s borrowing from the Central Bank of Nigeria (CBN) through Ways and Means Advances is not part of the public debt.
According to DMO, over 58 percent of the external debt stock are concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank and bilateral lenders, including Germany, China, Japan, India and France.
Public debt consists of domestic and external debt stocks of the federal government, thirty-six states and the federal capital territory (FCT).
While the domestic debt stood at N26.23 trillion ($63.24 billion), the foreign debt stood at $40.06 billion (N16.61 trillion).
The federal government’s borrowing from the Central Bank of Nigeria (CBN) through Ways and Means Advances is not part of the public debt.
According to DMO, over 58 percent of the external debt stock are concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank and bilateral lenders, including Germany, China, Japan, India and France.
World Bank, China… Here Are Nigeria’s Top Five Creditors – Politics – Nigeria (nairaland.com)