Nigeria has emerged as the third largest debtor to the World Bank’s International Development Association (IDA), with a total exposure of $16.5 billion as of June 30, 2024. This represents a 14.4% increase from the $14.3 billion recorded in 2023.
According to the World Bank’s financial statement, Bangladesh tops the list with $20.5 billion, followed by Pakistan with $17.5 billion. Nigeria’s debt exposure has surpassed India’s, which reduced its IDA debt from $17.9 billion in 2023 to $15.9 billion.
The IDA provides concessional loans and grants to the world’s poorest countries to promote economic growth, reduce inequalities, and improve living conditions. The loans have low interest rates and long tenors.
Nigeria’s total public debt increased to N121.67 trillion in the first quarter of 2024, with total domestic debt at N65.
Vanguard.
