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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African markets posted strong growth in 2025, with JSE leading in size and GSE in momentum
  • Seven of nine exchanges posted positive growth, signalling broad-based expansion across African equity markets in 2025.
  • Ghana Stock Exchange led all exchanges in growth rate, rising 133.86% across the year — the sharpest single-year gain in this dataset.
  • The Johannesburg Stock Exchange closed Q4 at $1.3 trillion, making it by far the largest exchange on the continent by market capitalisation.
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Local companies have consistently contributed most of Nigeria’s Company Income Tax payments since 2016
  • Local companies dominated CIT contributions in most years, accounting for over 50% of payments in 9 of 11 periods between 2015 and 2025 (Q1–Q3).
  • Foreign companies briefly closed the gap in 2023, contributing 49%, the closest they have come to matching local firms.
  • Local companies recorded their strongest share in 2021 at 65%, marking the widest gap between local and foreign contributors.
  • “Other payments” peaked during the pandemic, rising to 17% in 2020 before dropping to 0% from 2022 onward.
9 of Nigeria’s 26 publicly listed trillion-naira companies are in financial services
  • 26 companies on NGX are valued above ₦1 trillion.
  • MTN Nigeria leads at ₦16.38 trillion, making it the most valuable listed company.
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  • 9 of the 26 companies are in the financial services sector.
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Local companies have consistently contributed most of Nigeria’s Company Income Tax payments since 2016
  • Local companies dominated CIT contributions in most years, accounting for over 50% of payments in 9 of 11 periods between 2015 and 2025 (Q1–Q3).
  • Foreign companies briefly closed the gap in 2023, contributing 49%, the closest they have come to matching local firms.p
  • Local companies recorded their strongest share in 2021 at 65%, marking the widest gap between local and foreign contributors.
  • “Other payments” peaked during the pandemic, rising to 17% in 2020 before dropping to 0% from 2022 onward.
Nigeria is Africa’s fastest country to attain $100bn GDP, reaching the mark in a record 34 years
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  • Resource-driven economies reached the threshold faster, including Angola (36 years) and Algeria (43 years).
  • North African economies crossed earlier, with Egypt (1989) and Morocco (2008) benefiting from diversified economic bases.
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