Nigeria Faces $6.4bn Eurobond Repayments by 2030 as Borrowing Costs Rise

Nigeria is expected to repay $6.4bn in sovereign Eurobond principal between 2024 and 2030, according to the World Bank’s latest Africa Economic Update. The figure places Nigeria level with Ghana and behind South Africa among sub-Saharan African countries with the largest repayment obligations. Nigeria’s debt represents about 14.7 per cent of the region’s $43.6bn Eurobond maturity burden. South Africa, Ghana and Nigeria together account for roughly 56 per cent of all principal repayments due across 13 countries during the period. The World Bank warned that refinancing maturing bonds may ease immediate repayment pressure but will increase debt-service costs. Nigeria’s 2024 Eurobond issues carried interest rates of 9.6 per cent and 10.4 per cent, around 300 basis points above comparable 2021 borrowings. Higher interest payments and shorter loan maturities could further strain public finances, leaving less government revenue for infrastructure, education, health and social protection.

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