World Bank’s Loan Portfolio In Nigeria Hits $8.67bn

Nigeria’s loan portfolio from the World Bank now stands at $8.67bn, this online news medium has gathered.

Loans from the International Development Association, one of the three arms of the World Bank, make up $8.55bn of the portfolio.

Also, loans from the International Bank for Reconstruction and Development, another arm of the Breton Woods institution, fill up $124.18m of the portfolio.

According to statistics from the Debt Management Office (DMO), the World Bank’s portfolio in Nigeria increased from $6.67bn as of December 31, 2016, to $8.67bn as of December 31, 2018.
In sum, the World Bank portfolio in the country climbed by $2bn within two years and shows a rise of 29.98 per cent within the two-year period under review.

Nigeria’s external debt as of December 31, 2018, is at $25.27bn. With a portfolio of $8.67bn, the World Bank is Nigeria’s single largest creditor as the bank holds 34.32 per cent of the nation’s external debt commitment.

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