Nigeria’s total debt to the World Bank increased by $2.36 billion in 2024, driven by six newly approved loans targeted at key sectors including healthcare, rural infrastructure, governance, and fiscal reforms.
This pushed the country’s total debt to the World Bank — which includes borrowings from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) — from $15.45 billion in 2023 to $17.81 billion as of December 2024.
Data from the Debt Management Office (DMO) shows that debt to the IDA rose from $14.96 billion to $16.56 billion, while loans from the IBRD climbed significantly from $485.54 million to $1.24 billion.
This 15.3% increase marks Nigeria’s strongest annual growth in exposure to the World Bank in recent years, with the Bretton Woods institution maintaining its position as the country’s most significant multilateral creditor.
By the end of 2024, Nigeria’s total external debt stood at $45.78 billion. The World Bank’s share — at $17.81 billion — accounted for 38.9% of that figure, up from 36.4% a year earlier. Within the multilateral category, the World Bank now represents 79.8% of Nigeria’s total multilateral debt, which stood at $22.32 billion in 2024.
While World Bank loans offer relatively favorable terms compared to commercial debt, Nigeria’s rising obligations require a strong focus on fiscal discipline, transparency in project execution, and robust monitoring to ensure long-term value from the funds.