Nigeria’s highest external debt stock to a multilateral or bilateral financial institution is its $10.46bn (N3.965tn at the official rate of N379/$) indebtedness to the World Bank Group

An analysis of the country’s external debt stock as of June 30, 2020 showed that Nigeria’s indebtedness to the International Development Association and the International Bank for Reconstruction and Development were $10.05bn and $409.51m respectively.

NwaNimo1:
Nigeria’s highest external debt stock to a multilateral or bilateral financial institution is its $10.46bn (N3.965tn at the official rate of N379/$) indebtedness to the World Bank Group, latest figures from the Debt Management Office have shown.

An analysis of the country’s external debt stock as of June 30, 2020 showed that Nigeria’s indebtedness to the International Development Association and the International Bank for Reconstruction and Development were $10.05bn and $409.51m respectively.

The International Bank for Reconstruction and Development and the International Development Association are both organisations of the World Bank Group.

Other organisations of the multilateral financial institution include the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes.

The World Bank Group and the African Development Bank Group are two prominent multilateral institutions that lend to the nation.

Nigeria’s total indebtedness to the multilateral institutions during the period under review was put at $16.36bn, representing 51.97 per cent of the country’s total external debt stock.

The DMO put the country’s indebtedness to the AfDB Group at $5.896bn.

The external debts of Nigeria to African Development Bank, Africa Growing Together Fund and African Development Fund are $1.325bn, $140,000, and $921.91m respectively.

Nigeria’s debt to other organisations of the AfDB Group such as the Arab Bank for Economic Development in Africa, European Development Fund, Islamic Development Bank and International Fund for Agricultural Development were $5.88m, $52.52m, $30.22m and $201.68m respectively.

Further analysis of the country’s external debts showed that Nigeria’s total indebtedness to bilateral organisations, which in this case include foreign nations, was $3.948bn as of June 30.

This represents 12.54 per cent of the country’s entire $31.477bn external debt stock during the period under review.

https://punchng.com/nigeria-owes-world-bank-n3-96tn-dmo/

SmartProf:
Na wa ooo....the way this govt is incurring debt, very soon they will soon begin to borrow from microfinance banks too. Meanwhile, they pride themselves to have an economic team, and a minister of finance who I strongly think all she does is to surf the internet for the next organization she can recommend to the govt to borrow from. When I saw the way the govt supported Adesina for the AfDB position, I knew that among other reasons, they are also planning to take advantage of his being Nigerian to borrow consistently from AfDB. We have a notoriously clueless govt.

SUFFERInSMILIIN:


what do you expect immediately as APC came into the government they started fighting all the companies and Industries chasing them out of the country . If you see the amount of companies and businesses which have packed out of Nigeria is buhari came in you will be shocked.