Nigeria’s External Debt In March Was $9.4bn — DMO

Nigeria’s external debt stock was $9.4 billion on March 31, 2015, the Debt Management Office (DMO) has said.

Information from DMO’s website on the country’s debt stock on Monday showed a decrease of about $300 million from $9.7 billion that the country owed at December 31, 2014.

A breakdown showed that the highest sum is owed the World Bank Group with $5.6 billion owed to International Development Association and $89.4 million owed International Fund for Agricultural Development.

It further stated that Nigeria owes African Development Bank (AfDB) $200 million and $513.7 million owed African Development Fund (ADF), a debt incurred through AfDB Group.

Nigeria also owes Arab Bank Economic Development for Africa $4.4 million, while its debts to European Development Fund and Islamic Development Bank are $75.1 million and $19.6 million respectively.

Moreover, the country’s indebtedness through bilateral agreement to Exim Bank of China and French Development Agency are $1.2 billion and $140.2 million respectively.

Finally, Nigeria’s external debt stock through government’s issuance of Eurobond stood at $1.5 billion.

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