Countries, institutions Nigeria is owing, how much as Tinubu gets $500M loan from World Bank

The World Bank, on Monday, June 26, 2023, announced that it approved a fresh $500 million loan for Nigeria.

In a statement from the global bank, the move is to help improve the livelihood of women in Nigeria.

World bank loan details

As reported by The Punch, this fresh $500 million loan is the second approved by the World Bank under the new administration of President Bola Ahmed Tinubu.

World Bank, said the approved loan is to scale-up financing for Nigeria for Women Programme, which was initially approved on June 27, 2018, with $100m financing.

A statement by the World Bank reads in part: “The World Bank has approved $500m for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria.

“The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”

Nigeria loan burden

The latest loan adds to Nigeria's total foreign debt stock, which, according to the Debt Management Office, stood at $42.67 billion as of the end of March 31, 2023.

A breakdown of Nigeria's external debt shows that $5.16 billion is owed to countries, classified as bilateral loans, representing 12.10 percent of the total foreign loan.

Multilateral debt is $20.65 billion, comprising loans from financial institutions such as the World Bank and the International Monetary Fund.

Commercial loans, including Eurobonds and Diaspora bond debt, amount to $15.61 billion.

Additionally, a syndicated loan arranged by AFC is worth $300 million, and promissory notes totaling $931.26 million.

Here is how much Nigeria owes countries as at March 2023

China (Exim Bank of China): $4.34 billion

France (Agence Francaise Development): $593.75 million

Japan (Japan International Cooperation Agency): $62.02 million

India (Exim Bank of India): $26.64 million

Germany (Kreditanstalt Fur Wiederaufbau): $144.75 million

List of institutions Nigeria owes countries as at March 2023

World Bank Group:

International Development Association: $13.84 billion

International Bank for Reconstruction and Development: $488.35 million

African Development Bank Group:

African Development Bank: $1.57 billion

Africa Growing Together Fund: $19.97 million

African Development Fund: $972.55 million

Other international financial institutions:

International Monetary Fund: $3.30 billion

Arab Bank for Economic Development in Africa: $5.34 million

European Development Fund: $37.74 million

Islamic Development Bank: $144.12 million

International Fund for Agricultural Development: $272.30 million