Debt Crisis: Nigeria's External Borrowing Profile Stands at $9.4bn

Nigeria’s external debt stock profile stood at $9.4 billion dollars on March 31, 2015, the Debt Management Office (DMO) has revealed.

 

The data was obtained from DMO’s website, showing the country’s debt profile on Monday, June 29.

 

The figure shows a fall of about 300 million dollars from 9.7 billion dollars that the country owed at December 31, 2014.

 

A breakdown shows that the highest sum is owed the World Bank Group with 5.6 billion dollars owed International Development

 

It further states that Nigeria owes African Development Bank (AfDB) 200 million dollars and 513.7 million dollars owed African Development Fund (ADF), a debt incurred through AfDB Group.

 

Nigeria also owes Arab Bank Economic Development for Africa 4.4 million dollars, while its debts to European Development Fund and Islamic Development Bank are 75.1 million dollars and 19.6 million dollars respectively.

 

The data also shows that the country’s indebtedness through bilateral agreement to Exim Bank of China and French Development Agency are 1.2 billion dollars and 140.2 million dollars. In addition, the information shows that Nigeria’s external debt stock through government’s issuance of Eurobond stood is 1.5 billion dollars