Nigeria’s external debt hits $51.9bn, Eurobond and World Bank IDA dominate over 70%

Nigeria’s external debt stood at $51.90 billion as of March 31 2026, up just 0.09 % quarter‑on‑quarter (about $48 million) but 12.90 % year‑on‑year, adding nearly $5.93 billion. The top ten creditors account for 97.2 % of the total, with Eurobond investors holding $18.55 billion (35.73 %) and the World Bank’s International Development Association (IDA) $18.39 billion (35.43 %)—together over 71 % of the debt stock. Other major lenders include China’s Exim Bank ($4.95 billion, 9.54 %), the African Development Bank ($2.19 billion, 4.23 %), First Abu Dhabi Bank ($1.87 billion, 3.61 %), the World Bank’s IBRD ($1.43 billion, 2.76 %), the African Development Fund ($1.01 billion, 1.95 %), France’s AFD ($902 million, 1.74 %), Afreximbank ($638 million, 1.23 %) and the China Development Bank ($508 million, 0.98 %). The apparent jump in syndicated debt mainly reflects a reclassification of existing exposures to First Abu Dhabi Bank and Afreximbank rather than new borrowing.

This concentration means more than one‑third of Nigeria’s external liabilities are foreign‑currency Eurobonds, making the country vulnerable to naira depreciation and global market swings, while another third comes from concessional IDA loans with longer maturities and lower rates. High debt service could squeeze funds for health, education and infrastructure if revenues do not keep pace.

Will the government focus on boosting exports and domestic revenue to meet these obligations, or will it rely on further external borrowing to stay afloat?

SOURCE: https://nairametrics.com/2026/08/16/nigerias-largest-external-debt-exposures-and-how-much-we-owe/