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Nigeria set to clear IMF debt by mid-2025 after reducing outstanding balance by 87.5% from March 2023 to March 2025

Key Takeaways:

Nigeria’s outstanding debt to the IMF has reduced from SDR 2.45 billion in March 2023 to SDR 306.81 million by March 2025.
The country has maintained a consistent quarterly repayment pattern, averaging SDR 306.8 million.
This steady repayment trend reflects Nigeria’s commitment to managing its external obligations.
At the current repayment rate, Nigeria is positioned to fully clear its IMF obligations by mid-2025.

As of March 31, 2025, the top five countries accounted for 57% of total IMF credit outstanding

Key Takeaways:

Argentina tops the list with SDR 31.1 billion in outstanding IMF credit.
The top three borrowers, Argentina, Ukraine, and Egypt, together hold over 45% of total IMF credit.
All 15 countries on the list have outstanding credit of at least SDR 1.4 billion.
African nations such as Kenya, Angola, Ghana, and Ethiopia rank among the top 15 IMF debtors.
The top 10 countries alone account for more than two-thirds of the IMF’s total outstanding credit.

Egypt accounts for one-third of over SDR 26 billion owed by Africa’s top 10 IMF debtors

Key Takeaways:

Egypt leads African nations in IMF debt, with SDR 8.63 billion in outstanding credit.
The combined debt of these 10 countries represents 24% of the IMF’s total outstanding credit globally.
East African nations, Kenya and Ethiopia, hold a combined SDR 4.5 billion in IMF credit.
West Africa is strongly represented with Côte d'Ivoire, Ghana, Senegal, and Cameroon owing more than SDR 7.4 billion collectively.

Nigeria’s World Bank debt has increased every year since 2005

Nigeria's debt to the World Bank grew from $182 million in 1970 to nearly $15 billion by 2023 – an 8,100% increase. Between 2005 and 2023, it rose by 705%, highlighting Nigeria's reliance on World Bank financing for development. As of Q1 2024, Nigeria owed $15.59 billion, 37% of its external debt.

As of June 26, 2024, 95 countries owed the IMF $111.6 billion

Argentina, Egypt, and Ukraine were the IMF’s top three debtors as of June 26, 2024, accounting for $51 billion (46%) of the total debt. Egypt, Angola, and Kenya occupy the top three spots in Africa on the IMF’s debtors’ list. As of December 2023, Kenya's public debt stood at Ksh11.14 trillion (approximately $76.8 billion). By June 2024, its debt to the IMF had increased by 245% from $744 million in August 2020. This increase has coincided with protests in Kenya, where citizens opposed a proposed finance bill aiming to raise additional taxes to reduce the budget deficit and state borrowing.

Nigeria's external debt increased by $800m in 2023, the lowest increase in the past seven years

At the end of every year from 2017 to 2023, Nigeria added between $800m and $7.5b to its external debt. After repaying $3.5 billion of its external debt in 2023, the country's external debt only increased by $800m as of December, marking the lowest increase in the past 7 years.