{"id":117252,"date":"2025-04-11T15:16:22","date_gmt":"2025-04-11T14:16:22","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117252"},"modified":"2025-04-11T15:16:22","modified_gmt":"2025-04-11T14:16:22","slug":"world-banks-45bn-loan-leads-nigerias-2024-external-debt-2024-report","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/world-banks-45bn-loan-leads-nigerias-2024-external-debt-2024-report\/","title":{"rendered":"World\u00a0Bank’s\u00a0$45bn Loan Leads\u00a0Nigeria’s\u00a02024 External Debt 2024 \u2013 Report"},"content":{"rendered":"
Daniel Adaji<\/div>\n
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Nigeria\u2019s\u00a0mounting debt to the World Bank has emerged as the largest contributor to the\u00a0country\u2019s\u00a0total external borrowings in 2024, hitting $17.81bn \u2014 a record-high that represents nearly 40\u00a0per cent\u00a0of the\u00a0country\u2019s\u00a0external debt profile, according to newly released data.<\/div>\n
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 <\/p>\n

Figures from the Debt Management Office (DMO) show that\u00a0Nigeria\u2019s\u00a0total external debt stood at $45.78bn by December 2024, with World Bank loans \u2014 including commitments from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) \u2014 accounting for 38.9\u00a0per cent\u00a0of the total. This marks a rise from 36.4\u00a0per cent\u00a0in 2023.<\/div>\n
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 <\/p>\n

The surge\u00a0was driven\u00a0by a 15.3 per cent increase in\u00a0Nigeria\u2019s\u00a0debt to the World Bank, up from $15.45bn in 2023. A total of $2.36bn was disbursed during the year, making 2024 the strongest year of borrowing from the institution in recent times.<\/div>\n
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The spike in borrowing was\u00a0largely\u00a0due to six\u00a0major\u00a0loans approved by the World Bank in 2024, valued at $4.25bn\u00a0collectively.<\/div>\n
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 <\/p>\n

These loans target critical areas such as economic reforms, healthcare, rural infrastructure, and public sector governance. While the full amount is yet to\u00a0be disbursed, the $2.36bn received has already reshaped\u00a0Nigeria\u2019s\u00a0debt composition.<\/div>\n
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 <\/p>\n

The largest among them is the $1.5bn Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing (DPF), approved in June 2024.<\/div>\n
<\/div>\n

 <\/p>\n

The facility aims to bolster macroeconomic reforms, widen fiscal space, and protect vulnerable populations.<\/div>\n
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 <\/p>\n

Also approved on the same day was the $750m Accelerating Resource Mobilization Reforms Program-for-Results (PforR), designed to enhance non-oil revenue generation and secure critical oil and gas income streams.\u00a0Both programs are managed by the Federal Ministry of Finance.<\/div>\n
<\/div>\n

 <\/p>\n

Other $500m loans approved during the year include the Rural Access and Agricultural Marketing Project \u2013 Scale Up, approved in December; the Primary Healthcare Provision Strengthening Program and the HOPE Governance Project, both approved in September to improve education and health resource management; and the Sustainable Power and Irrigation for Nigeria Project, focusing on dam safety and water resource management for energy and agriculture.<\/div>\n
<\/div>\n

 <\/p>\n

Within the multilateral debt category,\u00a0the World\u00a0Bank’s\u00a0dominance grew even more pronounced.\u00a0By year-end, it accounted for 79.8 per cent of\u00a0Nigeria\u2019s\u00a0total multilateral debt, which reached $22.32bn.<\/div>\n
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<\/div>\n

 <\/p>\n

A breakdown from the DMO revealed that loans from the IDA rose from $14.96bn in 2023 to $16.56bn in 2024. Simultaneously, IBRD exposure more than doubled, rising from $485.54mn to $1.24bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Daniel Adaji   Nigeria\u2019s\u00a0mounting debt to the World Bank has emerged as the largest contributor to the\u00a0country\u2019s\u00a0total external borrowings in 2024, hitting $17.81bn \u2014 a record-high that represents nearly 40\u00a0per…<\/p>\n","protected":false},"author":1,"featured_media":115862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nWorld\u00a0Bank's\u00a0$45bn Loan Leads\u00a0Nigeria's\u00a02024 External Debt 2024 \u2013 Report - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/world-banks-45bn-loan-leads-nigerias-2024-external-debt-2024-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World\u00a0Bank's\u00a0$45bn Loan Leads\u00a0Nigeria's\u00a02024 External Debt 2024 \u2013 Report - 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