After paying off IMF debt, FG (Federal Government) repays China, World Bank, others with 6.2bn!

Nigeria has made significant strides in managing its external debt, notably by fully repaying its obligations to the International Monetary Fund (IMF). However, the country continues to service substantial debts to other major creditors, including the World Bank and China. Here’s a breakdown of the current debt landscape:

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Nigeria’s Debt Repayment Overview

IMF Debt Cleared

As of April 30, 2025, Nigeria has fully repaid the 3.4 billion emergency funding received from the IMF during the COVID-19 pandemic under the Rapid Financing Instrument. This repayment marks Nigeria’s exit from the list of countries indebted to the IMF. [1]

Ongoing Obligations to Other Creditors

•⁠ ⁠World Bank: Nigeria’s debt to the World Bank increased by2.36 billion in 2024, bringing the total to 17.81 billion as of December 2024. This debt comprises loans from both the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD). [2]

•⁠ ⁠China (Exim Bank): Nigeria’s debt to China stands at over5 billion, making China the country’s largest bilateral creditor. In May 2025, Nigeria approved a $652 million funding package from China Exim Bank for the construction of a vital road project. [3]Summary of Nigeria’s External Debt (as of December 2024)

| Creditor | Amount Owed (USD) |
|—————————-|——————-|
| World Bank (IDA IBRD) |17.81 billion |
| China (Exim Bank) | 5.06 billion |
| Eurobond Holders |17.32 billion |
| African Development Bank | 2.10 billion |
| IMF |0 (fully repaid) |[4]

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•⁠ ⁠Nigeria has successfully cleared its debt with the IMF, demonstrating a commitment to financial restructuring.

•⁠ ⁠Despite this achievement, the country continues to manage significant debts with other international creditors, particularly the World Bank and China.

•⁠ ⁠Ongoing infrastructure projects, such as the road construction funded by China Exim Bank, indicate continued borrowing for development purposes.