DMO: Nigeria owes World Bank, IMF, AfDB $31.98bn

06 Jan DMO: Nigeria owes World Bank, IMF, AfDB $31.98bn

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

In a 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).

Nigeria also holds $10.86 billion in Eurobonds and $300 million in diaspora bond.