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Nigeria’s international debt jumps to $31.98bn

The Debt Management Office (DMO) says Nigeria took loans worth $31.98 billion from World Bank Group, International Monetary Fund (IMF), African Development Bank (AfDB) Group and others as of September 2020.

This is contained in the September 30, 2020, debt stock report recently released by the DMO. According to the report, Nigeria has an outstanding $10.74 billion loan to be paid to the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD); organisations under the World Bank Group.

The document shows that Nigeria owes the IMF $3.45 billion and owes $2.24 billion to Africa Growing Together Fund and African Development Fund; entities of the AfDB Group. The country also owes four international lenders namely the Arab Bank for Economic Development in Africa (BADEA); Islamic Development Bank (IDB); International Fund for Agricultural Development (IFAD); and European Development Fund (EDF) $298.12 million. Nigeria also owes five countries (China, France, Japan, India and Germany) $4.07 million; accounting for 12.74 percent of the nation’s external debt. According to the report, these include: $3.26 million to the Export Import (Exim) Bank of China; Agence Francaise Development ($502.38 million); Japan International Cooperation Agency ($78.20 million); Exim Bank of India ($37 million) and Kreditanstalt Fur Wiederaufbua ($193.26 million).