Nigeria Ranks 5th On World Bank’s Borrowers’ Highest Borrower’s List

Nigeria has been listed as the fifth-highest borrower from the World Bank Group and among the 10 highest debt risk exposure globally.

This is contained in a recent report which is the Fiscal Year 2021 (FY21) financial statement of the International Development Association (IDA), a subsidiary of the World Bank.

Naija News reports that the country’s debt portfolio with the international financial institution currently stands at $11.7 billion (about N4.816 trillion).

According to the report, India is leading with $22bn debt, Bangladesh next with $18.1bn, Pakistan, $16.4bn, Vietnam, $14.1bn, and Nigeria occupies the 5th position with an $11.7bn debt.

African countries next to Nigeria are Ethiopia with $11.2bn, Kenya with $10.2bn, Tanzania with $8.3bn, Ghana with $5.6bn, and Uganda, $4.4bn.

“As of June 30, 2021, the 10 countries with the highest exposures accounted for 66% of IDA’s total exposure,” the World Bank noted.

The report also said $19.5bn loans would be disbursed to Nigeria, which includes $1.46bn loan approved but not yet signed, $6.61bn signed loan commitment, and $11.47bn outstanding loan.

Meanwhile, the Federal Government has condemned the reports classifying Nigeria as a high debt risk nation.

This was contained in a statement by the Debt Management Office in Abuja on Wednesday.

According to the DMO, the publications misrepresented the World Bank’s assessment report of the International Development Association audited financial statement for 2021.