Home BUSINESS BANKING & FINANCE Nigeria Ranks Highest In World Bank Group Indebtedness; Reels In $9.4 Trillion...

Nigeria Ranks Highest In World Bank Group Indebtedness; Reels In $9.4 Trillion External Debt

DMO Boss Abraham

Facts have emerged to show that Nigeria is owing the highest amount to the World Bank Group, with a debt profile of 5.6 trillion dollars to the bank’s International Development Association and 89.4 million dollars to the International Fund for Agricultural Development.

This is even as the country’s external debt stock profile presently stands at 9.4 trillion U.S. dollars as at March 31, 2015.

According to the Debt Management Office (DMO), on it’s website today, Nigeria’s debt stock profile shows a decrease of about 300 million dollars from the 9.7 trillion dollars that the country had as its debt stock as at Dec. 31, 2014.

It said that Nigeria owed African Development Bank (AfDB) 200 million dollars and 513.7 dollars to African Development Fund (ADF), a debt incurred through AfDB Group.

Similarly, Nigeria’s indebtedness to Arab Bank Economic Development for Africa stood at 4.4 million dollars, while its debts to European Development Fund and Islamic Development Bank were 75.1 million dollars and 19.6 million dollars respectively.

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The debt profile also shows that the country’s indebtedness through bilateral agreement to Exim Bank of China and French Development Agency were 1.2 trillion dollars and 140.2 million dollars.

It further said that Nigeria’s external debt stock through government’s issuance of Eurobond stood at a balance of 1.5 trillion dollars. [myad]

 

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