As of September 30, 2024, Nigeria’s loan exposure to the World Bank’s International Development Association (IDA) reached $17.1 billion, making it the third-largest borrower from the institution. This marks a $600 million increase from the $16.5 billion reported at the end of June 2024, according to the IDA’s financial statement for September 2024.

The IDA, a key World Bank arm that offers concessional loans and grants to the world’s poorest nations, provides these loans with low interest rates and long repayment terms. These loans are intended to support economic growth, reduce inequality, and improve living conditions in developing countries. Nigeria is now ranked third on the IDA’s list of top borrowers, following Bangladesh ($21 billion) and Pakistan ($18.5 billion). India, which occupies the fourth position, owes $15.9 billion. Other countries on the top ten list include Vietnam, Ethiopia, Kenya, Tanzania, Ghana, and Uganda, with all except India seeing increases in their debt levels.

In related news, Nigeria’s total public debt rose to N134 trillion ($88.34 billion) in Q2 2024, marking a 10% increase from the previous quarter. The country’s domestic debt was N71.22 trillion ($48.44 billion), while external debt reached N63.07 trillion ($42.90 billion). Projections suggest Nigeria’s external debt could hit $45 billion by early 2025.