Nigeria Becomes Third Biggest Borrower From World Bank’s IDA

Nigeria Becomes Third Biggest Borrower From World Bank’s IDA
....KINDLY READ THE FULL STORY HERE▶

Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), reflecting a significant rise in the country’s borrowing from the institution.

According to the World Bank’s financial statements, Nigeria’s exposure to the IDA increased by 14.4%, climbing from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024.

This $2.2 billion increase has moved Nigeria into the top three IDA debtors for the first time, marking a shift from its previous position as the fourth-largest borrower in 2023.

The fiscal year 2024 runs from July 2023 to June 2024, meaning Nigeria has received at least $2.2 billion from the World Bank during the administration of President Bola Tinubu.

This debt is separate from any outstanding loans Nigeria may have with the World Bank’s International Bank for Reconstruction and Development (IBRD).

Bangladesh remains the largest IDA debtor, with its exposure rising 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 during the same period.

India, 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 notable 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, make up the top ten IDA debtors, collectively accounting for 63% of the IDA’s total exposure as of June 30, 2024.

Stay connected via Google News

Follow us for the latest travel updates and guides.