See more as Nigeria’s debt to countries rises by over $133m, China leads

• Nigeria's nationalist indebtedness reached a historical precocious astatine the extremity of 2024, with overseas indebtedness accounting for 48.59% of the total
• Foreign indebtedness is made up of multilateral loans, bilateral loans, and commercialized papers issued by countries and institutions
• The breakdown of bilateral debt, which refers to indebtedness owed to countries, shows that Nigeria's largest overseas creditor is China

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Nigeria’s indebtedness banal to countries nether bilateral statement deed $6.09 cardinal arsenic astatine the extremity of December 2024, according to information from the Debt Management Office (DMO).

The caller indebtedness banal is simply a 2.23% oregon $133.02 million summation erstwhile compared to $5.96 cardinal reported arsenic the extremity of 2023.

Nigeria's indebtedness to countries accrued by $133m successful 1 year Photo credit: Presidency
Source: Getty Images

There are six countries captured successful the DMO information which see China, France, Japan, India and Germany.

Breakdown of Nigeria's indebtedness to countries

Analysis of the DMO information showed that China remains Nigeria’s largest bilateral creditor done the Export-Import Bank of China though its vulnerability dropped from $5.17 cardinal to $5.06 billion, a simplification of $102.5 million.

However, the summation of a $254.71 cardinal indebtedness from the China Development Bank means that Nigeria borrowed from the Asian state again successful 2024.

Other changes recorded successful DMO information see a flimsy summation successful indebtedness to France, rising from $580.13 cardinal to $592.60 million.

Reductions successful indebtedness owed to Japan (down by $5 million), India (down by $6.5 million), and Germany (down by $20 million).

Here is simply a snapshot of Nigeria's indebtedness to countries

• China (Exim Bank): $5.06 billion
• China Development Bank: $254.71 million
• France: $592.60 million
• Germany: $105.78 million
• Japan: $53.31 million
• India: $19.42 million

FG's home indebtedness rises

On the home front, Lagos remains the astir indebted authorities successful Nigeria.

The state’s indebtedness reduced from $1.24 cardinal successful 2023 to $1.17 cardinal successful 2024, a $0.07 cardinal oregon 5.99% reduction.

Punch reports that Lagos accounts for astir 24.37% of the full subnational outer debt, starring arsenic the astir indebted authorities successful Nigeria.

Kaduna follows with an outer indebtedness summation from $0.59 cardinal successful 2023 to $0.63 billion, a emergence of $0.04 cardinal oregon 6.48%.

Edo authorities emerged arsenic Nigeria’s 3rd astir indebted state, with an summation from $0.31 cardinal successful 2023 to $0.38 cardinal successful 2024, an uptick of $0.07 cardinal oregon 21.85%.

External indebtedness servicing grows

Ealier, Legit.ng reported that Nigeria’s external indebtedness service for past twelvemonth accrued to $4.66 trillion comparative to $3.50 cardinal successful 2023.

The magnitude represents a yearly summation of astir 33% of $1.16 billion.

DMO information shows that astir of the outer indebtedness work for past twelvemonth was paid to commercialized creditors with $1.47 billion.

They see Eurobonds astatine $1.15 cardinal and multilateral creditors astatine $2.62 billion.

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Source: Legit.ng