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

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