The Debt Management Office (DMO) has said that Nigeria’s debt exposure to the World Bank now stands at $6.29 billion as at December 31, 2015.
Nigeria’s exposure to World Bank loans has increased by $2.35bn (59.64%) in four years, from $3.94bn as at December 31, 2011 to $6.29bn as at December 31, 2015. According to the DMO, increase in the loans granted by the World Bank to Nigeria shows the bank’s confidence in Nigeria’s economy.
The increase in the loan commitment to $6.29bn makes the World Bank Group Nigeria’s biggest external creditor, with a large chunk of that amount coming from the International Development Association, while just $3.57 came from the International Bank for Reconstruction and Development.
The country’s debt profile has been rising steadily, the Director General of the Debt Management Office (DMO), Dr. Abraham Nwankwo, had last December disclosed that Nigeria’s debt profile currently stood at $64 billion, while trying to allay fears that Nigeria’s rising debt profile will not negatively affect the economy.