Nigeria has moved up to become the third-largest borrower from the World Bank’s International Development Association (IDA), with loan exposure reaching $16.5 billion as of June 30, 2024. This marks a significant rise from its previous position as the fourth-largest debtor, surpassing India.
The IDA, which provides concessional loans and grants to the world’s poorest nations, published its latest financial statement revealing that Nigeria’s borrowing increased by $2.2 billion compared to the $14.3 billion recorded at the end of 2023. These loans come with low interest rates and extended repayment periods, aimed at boosting economic growth and reducing inequalities.
Nigeria now follows Bangladesh, which tops the list with $20.5 billion in loans, and Pakistan, with $17.5 billion. India now holds fourth place with $15.9 billion in IDA loan exposure. Other countries on the list include Ethiopia, Kenya, and Vietnam, while Tanzania, Ghana, and Uganda round out the bottom three.
