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.

Source:

World Bank, International Debt Statistics, Debt Management Office

Period:

1970-2023
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Nigeria has paid $57.67 billion in external debt interest in 54 years, with payments rising 1,140% since 2009
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While Angola's debt service-to-GDP hits 68%, Algeria’s is 0.1%, showing huge variety in debt burdens
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  • Algeria has the lowest debt service-to-GDP ratio on the continent at just 0.10%.
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  • Between 2009 and 2025, the debt service ratio grew at a CAGR of 11.2%.
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