Nigeria owes World Bank, IMF, AfDB, others $31.98bn – DMO

The Debt Management Office (DMO) has disclosed that Nigeria as at September 2020, had taken loans worth $31.98 billion from World Bank Group, International Monetary Fund (IMF), African Development Bank (AfDB) Group, and others.

The debt stock report recently released by the DMO added that the country has an outstanding $10.74 billion loan to be paid to the International Development Association (IDA) and IBRD; organisations under the World Bank Group.

It was gathered from the report that Nigeria owed the IMF $3.45 billion and owes $2.24 billion to Africa Growing Together Fund and African Development Fund; entities of the AfDB Group.

According to the report, Nigeria owes four international lenders namely the Arab Bank for Economic Development in Africa (BADEA); Islamic Development Bank (IDB); International Fund for Agricultural Development (IFAD); and European Development Fund (EDF) $298.12 million.

The country also owes five countries (China, France, Japan, India and Germany) $4.07 million; accounting for 12.74 percent of the nation’s external debt.

The report read that the loans include: $3.26 million to the Export-Import (Exim) Bank of China; Agence Francaise Development ($502.38 million); Japan International Cooperation Agency ($78.20 million); Exim Bank of India ($37 million) and Kreditanstalt Fur Wiederaufbua ($193.26 million).

It was also gathered that the country also holds $10.86 billion in Eurobonds and $300 million in diaspora bond.