Nigeria Maintains Third Largest IDA Borrowing Status

As of March 31, 2026, Nigeria remains the World Bank's third-largest borrower from the International Development Association (IDA), with a debt exposure of $18.5 billion. This figure represents a decline of $200 million from $18.7 billion at the end of December 2025.

However, on a year-over-year basis, Nigeria's debt exposure increased by $1.2 billion from $17.3 billion in March 2025. This trend indicates Nigeria's ongoing dependence on concessional financing from the World Bank.

The latest data ranks Nigeria behind Bangladesh and Pakistan, which have exposures of $22.7 billion and $19.2 billion, respectively. The IDA's ten largest country exposures account for 60% of its total portfolio.

Despite the slight decline in the first quarter of 2026, Nigeria's long-term debt trend remains upward. The Nigerian government, under President Bola Tinubu, has sought to expand access to financing, with a proposed $1.25 billion deal following a $9.35 billion loan approval in June 2023.