Wednesday, September 4, 2024 -Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), reflecting a significant increase in the country’s borrowing from the institution.
According to the World Bank’s financial
statements, Nigeria’s exposure to the IDA rose by 14.4% from $14.3 billion in
the fiscal year (FY) of 2023 to $16.5 billion in FY2024.
This $2.2 billion increase places Nigeria
among the top three IDA debtors for the first time, a notable shift from its
previous position as the fourth-largest borrower in 2023.
The fiscal year for 2024 runs from July
2023 to June 2024, which means that Nigeria has received at least $2.2 billion
from the World Bank under the administration of President Bola Tinubu.
This debt is different from any outstanding
loan from the World Bank’s International Bank for Reconstruction and
Development (IBRD).
Bangladesh remains the largest IDA debtor,
with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in
2024. Pakistan follows, maintaining its second position with a stable exposure
of $17.9 billion over the same period.
India, which was previously the
third-largest borrower in 2023 with $17.9 billion, saw a decrease in its IDA
exposure to $15.9 billion in 2024, allowing Nigeria to surpass it.
Other significant IDA borrowers include
Ethiopia, whose exposure grew from $11.6 billion in 2023 to $12.2 billion in
2024, and Kenya and Vietnam, both with $12.0 billion in 2024.
These countries, along with Tanzania,
Ghana, and Uganda, comprise the top ten IDA debtors, collectively accounting
for 63% of the IDA’s total exposure as of June 30, 2024.
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