Nigeria’s outstanding debt to the World Bank has grown nearly 100-fold since 1970, reaching $17.8 billion in 2024

Key Takeaways

  • Nigeria’s outstanding debt to the World Bank rose from $180 million in 1970 to $17.81 billion in 2024, a nearly 100-fold increase in 54 years.
  • The balance remained below $5 billion until 2013, but more than tripled between 2013 and 2024, signalling accelerated reliance on multilateral credit.
  • From 2020 to 2024, the outstanding debt rose by $6.4 billion, the sharpest five-year surge on record.
  • The figures reflect a steady accumulation of obligations, driven by long-term borrowing and slower repayment relative to disbursement.

Nigeria’s outstanding debt to the World Bank stood at $180 million in 1970. Over the next three decades, it increased gradually, reaching around $3.49 billion by 1995. The balance dipped slightly in the early 2000s, settling below $2 billion by 2001, before beginning a new upward trend.

By 2010, the figure crossed $3.7 billion and continued climbing steadily. The sharpest buildup occurred in the last decade: from $5.28 billion in 2013 to $17.81 billion in 2024. That’s an increase of over $12.5 billion in just 11 years. This pattern reflects Nigeria’s expanding portfolio of World Bank loans and projects, as well as slower reductions in debt stock over time, leaving the country with significantly larger outstanding obligations at year-end.

Source:

World Bank - Investment debt statistics, Debt management office

Period:

1970 - 2024
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