Nigeria Maintains 4th Place On World Bank’s List Of Borrowers With $14.3bn Debt

Nigeria has held onto its fourth position on the World Bank’s top 10 International Development Association (IDA) borrowers’ list, advancing from fifth place in the 2022 fiscal year.

Although Nigeria retains its fourth place, it has accrued approximately $1.3 billion in debt within one year.

This information was revealed in the World Bank Fiscal Year 2022 audited financial statement, indicating that Nigeria climbed to the fourth position on the list with an IDA debt stock of $13 billion as of June 30, 2022.

However, the World Bank Fiscal Year 2023 audited financial statement reveals that Nigeria’s IDA debt stock reached approximately $14.3 billion as of June 30, 2023, while still holding onto the fourth position on the list.

Bangladesh, with a debt of $19.3 billion, ascended to the top of the list, displacing India, which now holds the second position with a debt of $17.9 billion.

Pakistan maintained its third position from the previous fiscal year, with a debt of $16.9 billion.

The World Bank’s 2022 audited statement also highlights that Nigeria has the highest IDA debt in Africa, whereas the top three borrowers, Bangladesh, India, and Pakistan, are from Asia.

Additionally, according to the World Bank’s 2023 Annual Report, Nigeria was among the top 10 countries that secured fresh IDA loans this year.

The report indicates that the bank allocated $1.55 billion to Nigeria in the fiscal year 2023, with the country being recognized as the ninth-highest beneficiary.