Nigeria has retained its position as the third-largest debtor to the World Bank’s International Development Association, with its exposure climbing to $17.1bn as of September 30, 2024.
According to the World Bank’s latest financial statements for the fiscal year up to September 2024, Nigeria’s debt to the IDA rose by $600m in three months from $16.5bn recorded in June 2024.
The PUNCH earlier reported that there was a 14.4 per cent increase between the figure for June 2024 and the $14.3bn recorded in June 2023.
The fiscal year, which ran from July 2023 to June 2024, saw the country receiving an additional $2.2bn in loans. For the first time, Nigeria rose to the top three IDA borrowers in June 2024, moving from its previous fourth position in 2023.
So far, Nigeria has maintained this third-largest debtor position, receiving a total of $2.8bn from the World Bank’s IDA during Bola Tinubu’s administration.
Bangladesh and Pakistan occupy the first and second positions, with debt exposures of $21bn and $18.5bn, respectively.
India, which ranks fourth, maintained its debt at $15.9bn, while Ethiopia stands at $13.1bn. Other top borrowers include Kenya ($12.4bn), Tanzania ($12.2bn), and Vietnam ($12.2bn).
