Nigeria’s External Debt Rises To $13 billion: See Our Creditors

Nigeria has just concluded another $500 million Eurobond offer at an interest rate of 7.5%. This has now increased Nigeria’s foreign currency denominated loan portfolio to about $13 billion based on our estimates.

Nigeria’s external loan portfolio is dividend into three broad categories. Multilateral, Bilateral and Eurobonds with each lender falling into either of the categories.  This chart depicts each lender and the amount owed to them by Nigeria.

Multilateral debt – Multilateral debts are debts owned to the world bank and IMF by developing countries such as Nigeria. They come at concessionary rates and attract structural reforms from the receiver country before it is disbursed. Examples also include the ADB, Arab Development Bank etc. Nigeria’s multilateral debt is currently $8.24 billion.

Bilateral Debt – These are debts between two parties,  a lender and the other a borrower. Examples are debts from China, Japan or France. Nigeria’s bilateral debt currently stands at $1.83 billion

Eurobonds – These are debts owed to diverse creditors who subscribe to Nigeria’s Eurobond. Nigeria’s Eurobond debt is about $3 billion.

See full breakdown below;