NIGERIA IS THE THIRD-LARGEST BORROWER: WORLD BANK

As of June 30, 2024, Nigeria is the third-largest borrower from the World Bank’s International Development Association (IDA), following a notable rise in its debt to the institution.

The IDA, a key division of the World Bank, offers concessional loans and grants to the world’s poorest countries. These loans, characterized by low interest rates and long repayment periods, aim to stimulate economic growth, reduce inequalities, and enhance living conditions in developing nations.

The World Bank’s latest financial reports reveal that Nigeria’s debt to the IDA increased by 14.4%, from $14.3 billion in fiscal year 2023 to $16.5 billion in fiscal year 2024.

This $2.2 billion rise has elevated Nigeria to the third position among IDA debtors, up from the fourth position in 2023.

Between July 2023 and June 2024, Nigeria secured at least $2.2 billion in new IDA loans under President Bola Tinubu’s administration.

This figure excludes any outstanding loans from the World Bank’s International Bank for Reconstruction and Development, which operates separately from the IDA.