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’s public debt rises to $99.7 billion (₦152.4 trillion) as of June 2025
  • Nigeria’s public debt rose to $99.7 billion, up from $91.3 billion in June 2024, marking a return to growth after a dollar-value decline in 2024.
  • The debt in local currency climbed to ₦152.4 trillion, reflecting both borrowing and continued naira depreciation.
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  • The growth in dollar terms points to renewed external borrowing as the government manages debt obligations post-2024 volatility.

Debt service costs in South Africa surpassed health spending in 2020/21 and reached R426.3B in 2025
  • Debt service costs in South Africa overtook government health spending in 2020/21.
  • In South Africa's 2025 budget, debt service costs stand at R426.3B, compared to R296.1B for health.
  • Debt service costs grew at 11.3% CAGR (2017–2025), more than double the 5.0% CAGR of government health expenditure.
  • The gap between debt and health spending widened sharply after 2020/21, with debt consistently pulling ahead.

Nigeria has paid $57.67 billion in external debt interest in 54 years, with payments rising 1,140% since 2009
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  • Payments were low initially but rose steadily as borrowing increased.
  • In the 1990s, interest payments fluctuated due to debt rescheduling and restructuring agreements.
  • In 2005, payments jumped to $5.31B following a strategic debt buyback that accelerated obligations.
  • Annual payments climbed 1,139.6%, from $0.31B to $3.79B, showing rising debt service costs.

While Angola's debt service-to-GDP hits 68%, Algeria’s is 0.1%, showing huge variety in debt burdens
  • Angola and Ethiopia account for the highest debt service-to-GDP ratios in Africa, both exceeding 67%.
  • East Africa dominates the high debt-servicing bracket, with five countries among the top ten most burdened.
  • Algeria has the lowest debt service-to-GDP ratio on the continent at just 0.10%.
  • There’s a wide gap between the top and bottom debt service burdens, reflecting divergent fiscal paths across Africa.
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While many other African nations face a high debt burden, Algeria's already low debt keeps falling to a projected 0.09% in 2025
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  • The country’s debt service per GDP declined at a -11.9% CAGR from 2009–2025.
  • A high of 0.73% occurred in 2012 before the consistent decline resumed.
  • By 2015, the country's debt service fell to 0.27%, showing progress in reduction.
  • The lowest point is forecast for 2025, at 0.09% of GDP.
  • Algeria’s debt burden is among the lowest in Africa, contrasting with the rising trend in many other nations.
  • This low debt service level allows for greater fiscal flexibility in public spending and investment.

Nigeria's debt service per GDP increased from 0.7% in 2015 to 10.2% in 2024, with 2025 forecasted to reach 15.1%
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  • Overall CAGR from 2009 to 2025 is 17.8%.
  • President Muhammadu Buhari’s tenure saw the fastest growth (29.1% CAGR).
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