Nigeria has risen to the third-largest debtor of the World Bank's International Development Association (IDA) as of June 30, 2024, marking a significant increase in its borrowing from the institution.
According to the World Bank's financial reports, Nigeria's debt exposure to the IDA surged by 14.4%, from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024. The $2.2 billion rise under President Bola Tinubu's administration places Nigeria among the top three IDA borrowers for the first time, up from its fourth-largest position in 2023.
The fiscal year for 2024, which spans July 2023 to June 2024, highlights the increased funding received by Nigeria from the World Bank during this period.
The debt is separate from any outstanding loans Nigeria may have with the World Bank’s International Bank for Reconstruction and Development (IBRD).
Bangladesh remains the IDA’s largest debtor with $20.5 billion, followed by Pakistan at $17.9 billion. India, previously the third-largest borrower, saw a decrease in its debt to $15.9 billion, allowing Nigeria to surpass it.
Other major IDA borrowers include Ethiopia, Kenya, and Vietnam, with these countries collectively making up 63% of the IDA’s total exposure by mid-2024.
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