Nigeria’s total external debt grew by $487.49 million, from $42,671.70 billion in March to $43,159.19 billion at the end of June 2023, fresh statistics from the Debt Management Office (DMO) indicate.
Multilateral loans which accounted for 48.17 per cent of Nigeria’s debt obligations during the reference period also rose from $20,658.41 to $20,790.74 million, showing an increase of $132.33 million.
With a total of $14,027 billion, the World Bank Group (WBG) accounted for the largest chunk of the nation’s external debt stock during the period.
Nigeria is indebted to such WBG members as the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD.
From $13,841.31 billion owed to the IDA in March, the figure increased to $14,027.20 billion at the end of June 2023.
It also owes IBRD the sum of $485.75 million as of June end.
Nigeria is also indebted to the multilateral lender- the International Monetary Fund (IMF) from $3,303.03 billion in March to $3,264.74 billion in June.
The African Development Bank (AfDB) is also one of Nigeria’s external creditors.
With a debt of obligation of $1.573 billion in March to the Pan-African development institution, the figure slowed down marginally to $1,551 billion in June
However, the African Development Fund loan grew slightly from $972.55 million in March to $980.86 million in June.
Nigeria owes the International Fund for Agricultural Development (IFAD) $265.51 million, while the Islamic Development Bank loans rose from $144.12 million in March to $153.36 million in June.
On the bilateral side, which accounts for 12.79 per cent of external debt, Nigeria’s indebtedness grew to $5.518 billion in June 2023, from $5.163 billion in March 2023.
The Exim Bank of China is Nigeria’s biggest bilateral creditor, accounting for the largest chunk of $4,336 billion as of March ending to $4,726 billion at the end of June.
Nigeria also owes France (Agence Francaise Development) to the tune of $572.61 million and KfW of Germany, $135.26 million.
Nigeria’s commercial loans (Eurobonds) accounted for $15,618 billion or 36.19 per cent of the nation’s total external debt stock of $43,159.19 billion at the end of June.
On July 12, 2023, Nigeria redeemed a $500 million Eurobond taken by the administration of ex-President Goodluck Jonathan in 2013. July 12, 2023, was the due date of the 10-year tenored debt instrument.
Eurobond is a debt instrument that is denominated in a currency other than the home currency of the country or market in which it is issued.
Promissory Notes of $931.70 million also make up 2.16 per cent of Nigeria’s external debt stock as of June end, according to the DMO.
Meanwhile, the IMF and World Bank will decide on Monday whether to proceed with October’s annual meetings in earthquake-hit Morocco after completing a “thorough review” of the country’s ability to host them, the IMF’s Managing Director, Kristalina Georgieva has said.
The IMF has reached a staff-level agreement with Morocco to provide a $1.3 billion loan to bolster the country’s resilience to climate-related disasters from the fund’s new Resilience and Sustainability Trust, Kristalina Georgieva also said, in an exclusive interview with Reuters.
Questions have swirled over whether the IMF and World Bank would still hold their annual meetings in Morocco’s tourist hub of Marrakesh between October 9 and 15 since the devastating 6.8-magnitude earthquake struck in the High Atlas Mountains, killing more than 2,900 people.