Nigeria’s debt exposure to the World Bank’s International Development Association (IDA), has risen to $17.1 billion as of September 30, 2024.
The country has also retained its position as the third-largest debtor to the IDA.
This was contained in the World Bank’s latest financial statements for the fiscal year up to September 2024.
The report showed that Nigeria’s debt to the IDA rose by $600 million in three months from $16.5 billion recorded in June 2024.
Earlier reports showed that there was a 14.4 per cent increase between the figure for June 2024 and the $14.3 billion recorded in June 2023 for the fiscal year, July 2023 to June 2024, which saw the country receiving an additional $2.2 billion in loans.
Nigeria rose to the top three IDA borrowers in June 2024, moving from its previous fourth position in 2023.
Nigeria has maintained this third-largest debtor position, receiving a total of $2.8bn from the World Bank’s IDA during Bola Tinubu’s administration.
Bangladesh and Pakistan occupy the first and second positions, with debt exposures of $21 billion and $18.5 billion, respectively.
India, which ranks fourth, maintained its debt at $15.9 billion, while Ethiopia stands at $13.1 billion.
Other top borrowers include Kenya ($12.4 billion), Tanzania ($12.2 billion), and Vietnam ($12.2 billion).
At the lower end of the list, Ghana and Uganda owe $7 billion and $5 billion, respectively.
The ten countries account for 63 per cent of IDA’s total exposure, highlighting their heavy reliance on concessional financing.
The IDA has set its Single Borrower Limit at $47.5 billion for FY2025, representing 25 per cent of its $190.3 billion equity as of 30 June 2024.
Although Nigeria’s debt remains significant, it is still within the SBL threshold, which the World Bank considers non-restrictive at present.
