Nigeria’s external debt rose to $54.52 billion as of June 30, 2026, with the World Bank’s International Development Association (IDA) and Eurobond investors accounting for more than 69% of the country’s foreign obligations.
Data from the Debt Management Office (DMO), analysed by Nairametrics Research in a report published on October 8, 2026, showed that the country’s 10 largest creditor exposures totalled $53.06 billion, representing 97.32% of its external debt stock.
The figures highlight Nigeria’s heavy reliance on multilateral development institutions and international capital markets to finance government programmes, infrastructure and other spending needs.
The external debt stock increased from $51.90 billion at the end of March 2026 to $54.52 billion at the end of June, representing an increase of $2.62 billion, or 5.05%, within three months.
The World Bank’s IDA remained Nigeria’s largest individual external creditor, with $19.12 billion outstanding, equivalent to 35.07% of the total.
Eurobond investors ranked second, holding $18.55 billion, or 34.02% of the country’s external debt.
Combined, the two creditor groups accounted for $37.67 billion, representing 69.09% of Nigeria’s external debt stock.
China’s Export-Import Bank was the third-largest creditor, with $4.91 billion, accounting for 9.01% of the total.
First Abu Dhabi Bank ranked fourth, with combined exposure of $3.37 billion from syndicated financing and a total return swap. The exposure represented 6.19% of Nigeria’s external debt.
The African Development Bank followed with $2.17 billion, while the World Bank’s International Bank for Reconstruction and Development accounted for $1.61 billion.
Other creditors among the top 10 were the African Development Fund, with $1.01 billion; France’s Agence Française de Développement, with $906.23 million; Afreximbank, with $835.78 million; and China Development Bank, with $573.53 million.
China’s Exim Bank and China Development Bank together accounted for approximately $5.48 billion, or 10.06% of Nigeria’s external debt.
The composition of the debt portfolio reflects the importance of development financing and commercial borrowing to Nigeria’s funding needs.
IDA provides concessional financing for development projects, generally on more favourable terms than commercial borrowing. Eurobonds, however, expose the government to international market conditions, foreign exchange movements and refinancing risks when the securities mature.
The data also show the growing significance of structured commercial financing, with First Abu Dhabi Bank’s combined exposure including a $1.50 billion total return swap recorded under the DMO’s other commercial category.
Nigeria’s external debt is part of its total public debt, which stood at ₦166.79 trillion as of June 30, 2026, according to the DMO’s figures released on September 25.
The concentration of external obligations among a relatively small number of creditors underscores the importance of how borrowed funds are deployed, the returns they generate and the government’s capacity to meet future repayment obligations.
