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

Period:

2013 - 2022
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Nigeria’s international visitor spending fell 51% between 2019 and 2025, while domestic spending rose 10.6%
  • International visitor spending fell 51.3%, from ₦947.1 billion in 2019 to ₦461 billion in 2025.
  • For every ₦100 international visitors spent in 2019, they spent about ₦49 in 2025, adjusted for inflation.
  • International visitor spending declined for three consecutive years, falling 18.6% in 2025.
  • Domestic visitor spending rose 10.6% between 2019 and 2025 to ₦6.39 trillion.
  • Domestic visitors accounted for roughly ₦93 of every ₦100 spent on travel and tourism within Nigeria in 2025.
South Africa and Egypt accounted for 34% of the tourism economy across 46 African countries in 2025
  • South Africa and Egypt contributed $76.9 billion, roughly a third of the 46-country total.
  • South Africa led with $42.5 billion, followed by Egypt at $34.4 billion.
  • The top four countries accounted for slightly more than half of the $225.6 billion total.
  • Nigeria ranked ninth among the countries covered, with $7.6 billion.
  • Nigeria had the largest contribution among the West African countries included.
11 African currencies featured among the 25 requiring the most local currency units per US$1 in 2025
  • 11 African currencies featured among the 25 listed.
  • Somalia had the highest exchange rate among the African currencies highlighted, at 24,300 shillings per US$1.
  • Nigeria’s naira averaged ₦1,518 per US$1 in 2025.
  • 7 of the 11 African countries were in Eastern Africa, based on the UN M49 subregional classification.
  • Iran was the global outlier, averaging 711,418 rials per US$1, nearly eight times Lebanon’s 89,500.
South Africa led Africa with $6.25bn of Chinese FDI stock in 2024, over 14% of the continent's total
  • South Africa held the largest Chinese FDI stock in Africa at $6.25 billion in 2024.
  • South Africa, DR Congo and Nigeria held 30% of Africa’s Chinese FDI stock.
  • The top 10 countries accounted for 64% of the continent’s total Chinese FDI stock.
  • Niger led the remaining top 10 countries with $2.45 billion, followed by Mozambique at $2.28 billion.
China's cumulative investment in Africa has stalled since peaking at $46.1bn in 2018
  • China's FDI stock in Africa rose 94-fold, from $491 million in 2003 to $46.1 billion in 2018.
  • By 2024, the stock had recovered to $43.8 billion, still 5% below its 2018 peak.
  • Africa accounted for just 1.4% of China's $3.14 trillion global FDI stock in 2024.
  • Nigeria's Chinese FDI stock fell from a 2017 peak of $2.86 billion to $2.72 billion in 2024.
  • African countries recorded a net $2.31 billion decline in Chinese FDI stock between 2018 and 2024.
  • Niger recorded the largest increase, from $758 million in 2018 to $2.45 billion in 2024.
  • Zambia recorded the largest decline, from $3.52 billion in 2018 to $1.70 billion in 2024.
Six Nigerian states raised more revenue through MDAs than taxes in 2025
  • Six states generated about ₦656 billion through MDAs in 2025, nearly half of all MDA revenue.
  • The number of states where MDAs accounted for over half of IGR fell from seven in 2024 to six in 2025.
  • Enugu’s MDA share rose from 82.9% in 2024 to 87.3% in 2025, widening its lead.
  • Kwara, Katsina and Osun recorded MDA shares of 61.6%, 60.1% and 58.5%, respectively.
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