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Nigeria has retained its position as the third-largest borrower from the International Development Association (IDA), the World Bank’s concessional lending arm, with a debt exposure of $18.5 billion as of March 31, 2026.
According to the IDA’s March 2026 report, Nigeria’s exposure declined slightly from $18.7 billion in December 2025, representing a drop of $200 million (1.1%) within three months. However, the report shows a year-on-year increase of $1.2 billion, from $17.3 billion in March 2025 to $18.5 billion.
Nigeria remains behind Bangladesh, which owes $22.7 billion, and Pakistan, which owes $19.2 billion, while Ethiopia, Tanzania, and Kenya also rank among major borrowers. The IDA said its total outstanding loans stood at $230.8 billion, with lending concentrated in a few developing economies.
Nigeria accounts for about 8% of total IDA exposure, highlighting its continued reliance on concessional financing for development projects.
The Nigerian Government is also seeking a fresh $1.25 billion World Bank loan, which could raise total approvals under the current administration to about $10.6 billion.
Experts warn that Nigeria’s rising debt burden, now linked to a broader public debt stock of about N159 trillion, could place long-term pressure on the economy and future generations.
