Inside Nigeria’s $51.9bn Foreign Debt: Top Creditors Revealed

Nigeria’s external debt rose from $48.46bn in September to $51.86bn by December 2025, according to the Debt Management Office. This 7% increase reflects ongoing borrowing to fund public projects, close budget gaps, and support economic reforms. Major multilateral institutions now account for nearly half of the foreign debt stock. Loans from World Bank Group bodies and the African Development Bank reached $23.85bn, roughly 46% of the total. Of that, $19.89bn is owed to World Bank institutions alone. Bilateral lenders hold about $6.72bn, or 13% of the debt. Meanwhile, syndicated project loans jumped 81% over one quarter, rising to $2.51bn. Eurobond investors and the World Bank’s International Development Association together comprise 71.5% of Nigeria’s external debt exposure. Overall, the top 10 creditors represent more than 98% of the total. This concentration underscores Nigeria’s reliance on a limited group of international lenders to finance infrastructure and development programmes.

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