Nigeria has climbed to the position of the third-largest debtor to the World Bank’s International Development Association (IDA), reflecting a notable increase in its borrowing from the institution.
According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by 14.4%, from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024. This $2.2 billion increase marks a significant shift, elevating Nigeria from its previous position as the fourth-largest borrower in 2023 to now being among the top three IDA debtors.
The fiscal year 2024 runs from July 2023 to June 2024, indicating that Nigeria received at least $2.2 billion in loans from the World Bank under President Bola Tinubu's administration.
It’s important to note that this debt is separate from any outstanding loans Nigeria might have with the World Bank’s International Bank for Reconstruction and Development (IBRD).
Bangladesh remains the largest IDA debtor, with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in 2024. Pakistan holds the second position, maintaining a stable exposure of $17.9 billion during the same period.
India, which was the third-largest borrower in 2023 with $17.9 billion, saw its IDA exposure decrease to $15.9 billion in 2024, allowing Nigeria to move ahead.
Other significant IDA borrowers include Ethiopia, whose exposure grew from $11.6 billion in 2023 to $12.2 billion in 2024, as well as Kenya and Vietnam, both holding $12.0 billion in exposure in 2024.
These nations, along with Tanzania, Ghana, and Uganda, make up the top ten IDA debtors, collectively accounting for 63% of the IDA’s total exposure as of June 30, 2024.
