A report by the African non-grant foundation, Mo Ibrahim Foundation, has revealed that Nigeria received $3.5 billion, being the most official development assistance (ODA) or concessional funds from multilaterals such as the International Monetary Fund (IMF), the World Bank, and the European Union (EU) in 2022.
The foundation disclosed this in its 2024 forum report titled, ‘Financing Africa. Where is the Money?’
According to the report, the money received by Nigeria was the highest ODA from multilaterals among all countries in Africa, in 2022.
Details of the report showed that among 10 countries in Africa, Nigeria received the third largest amount of ODA totalling $5.0 billion – with 69.9 per cent ($3.5 billion) of it coming from multilaterals.
“In 2022, Nigeria received the most ODA from multilaterals of any country in Africa ($3.5 billion, second largest recipient globally), followed by Ethiopia ($2.4 billion, fifth largest recipient globally) and DR Congo ($2.1 billion, sixth largest recipient globally),” the report reads.
“Of the top 10 global ODA recipients from multilaterals, six were African: Nigeria ($3.5 billion), Ethiopia ($2.4 billion), DR Congo ($2.1 billion), Tanzania ($1.9 billion), Kenya ($1.8 billion) and Mozambique ($1.5 billion).”
The report also said only five countries account for over half (53.6 per cent) of Africa’s total revenue in 2024, with Nigeria having the least revenue.
The countries are South Africa (17.5 per cent), Algeria (12.8 per cent), Egypt (10.5 per cent), Morocco (7.4 per cent), and Nigeria (5.4 per cent).
