Nigeria Ranked Eighth IFC’s Biggest Debtors

Nigeria has been ranked eighth among the top 10 debtors of the International Finance Corporation (IFC) in the 2023 fiscal year, according to a recent report by PunchNG.

The country’s debt to the IFC stood at $2.02 billion, placing it behind South Africa, India, Brazil, Turkey, China, Colombia, and Vietnam.

This ranking comes as no surprise, as Nigeria has been grappling with mounting debt in recent years.

The Debt Management Office reported that the country’s total public debt hit N87.38 trillion ($113.42 billion) at the end of the second quarter of 2023, a 75.29% increase compared to the N49.85 trillion recorded at the end of March 2023.

Former President Olusegun Obasanjo recently spoke about the issue of debt in Africa, stating that the continent’s current debt of $1.13 trillion will be paid by future generations.

He also pointed out that financial impropriety by past leaders has contributed to Nigeria’s mounting debt burden.

While Nigeria’s debt to the IFC is significant, it is not the only African country facing debt challenges.

The continent’s five largest economies in 2023, according to the IMF, are Egypt, Nigeria, South Africa, Algeria, and Ethiopia. These countries have a combined GDP of $1.5 trillion.

Nigeria’s ranking as the eighth-largest debtor of the IFC in the 2023 fiscal year highlights the country’s ongoing debt challenges.

As the country and the continent continue to grapple with debt, it is crucial for African nations to address financial impropriety and work towards sustainable economic growth to ensure a brighter future for the next generations.