Nigeria: For every $1 billion external loan repaid in the past decade, approximately $3 billion was borrowed

Nigeria's debt burden has been a growing concern, with data revealing that for every $1 billion external loan repaid in the past decade, approximately $3 billion was borrowed. Here, we look at how the country has managed its external debt in the past ten years.

Source:

Debt Management Office

<div style="text-align: center;"><a href="https://intelpoint.co/insights/nigeria-for-every-1-billion-external-loan-repaid-in-the-past-decade-approximately-3-billion-was-borrowed/" title="Nigeria: For every $1 billion external loan repaid in the past decade, approximately $3 billion was borrowed"><img src="https://intelpoint.co/wp-content/uploads/2024/01/Nigeria-For-every-1-billion-external-loan-repaid-in-the-past-decade-approximately-3-billion-was-borrowed-scaled.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Nigeria: For every $1 billion external loan repaid in the past decade, approximately $3 billion was borrowed"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Nigeria%3A+For+every+%241+billion+external+loan+repaid+in+the+past+decade%2C+approximately+%243+billion+was+borrowed" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

2013 - 2022

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World Bank Group and Eurobonds alone account for 74% ($38.37b) of Nigeria's $51.9b external debt

Nigeria’s external debt stood at $51.90 billion as of March 2026.
External debt increased by just 0.09% from December 2025.
Multilateral creditors held the largest share at 46.0%.
Commercial creditors accounted for 41.3% of external debt.
Bilateral creditors accounted for 12.7% of external debt.
The World Bank Group accounted for 38.2% of total external debt.
Eurobond holders accounted for 35.7% of total external debt.
The World Bank Group and Eurobond holders together accounted for 73.9% of Nigeria’s external debt.
Bilateral debt fell by $130 million from December 2025 to March 2026.
Commercial external debt increased by about $1.1 billion over the same period.

Personal remittance inflows to Nigeria increased 3.0% year-on-year, from $22.1 billion in 2024 to $22.8 billion in 2025

Nigeria received $22.8 billion in personal remittances in 2025; a 3% year-on-year increase
Inflows remained 6.3% below the 2018 record of $24.3 billion.
Remittances have recovered from the $17.2 billion recorded in 2020.
Nigeria’s 2025 remittance inflows were 32.6% higher than in 2020.
Remittances accounted for 7.8% of GDP in 2025.
Remittances’ share of GDP fell from 8.8% in 2024.
Remittances’ share of GDP remained above the 4.0% recorded in 2023.

Egypt received a record $41.5bn in remittances in 2025, 31.7% above the previous record set in 2021

Egypt received a record $41.5 billion in remittances in 2025.
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The 2025 inflow was 31.7% above the previous record set in 2021.
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The March 2024 FX reforms preceded the sharp recovery in remittance inflows.
2025 marked the highest annual remittance inflow in the series.

Egypt's manufacturing output has moved further ahead of Nigeria's and South Africa's

Egypt’s manufacturing value added reached $64.4 billion in 2025.
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Nigeria’s manufacturing value added peaked at $47.2 billion in 2014.
Nigeria’s 2025 manufacturing value added was $43.6 billion, below its 2014 peak.
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Debt service accounts for 23.14% of Nigeria’s ₦68.32 trillion 2026 appropriation

Debt service takes 23.14% of Nigeria’s 2026 budget.
Domestic debt service accounts for 64.3% of the debt-service allocation.
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The sinking fund receives just 1.8% of the debt-service allocation.
Domestic debt service is more than 35 times the sinking-fund allocation.
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