Nigeria's Syndicated Loans Surge to $2.86 Billion in 2026

Nigeria's outstanding syndicated loans increased dramatically from $133.66 million in March 2025 to $2.86 billion in March 2026, representing a $2.73 billion or 2,041% rise within one year. This surge reflects the Federal Government's expanded use of commercial financing for infrastructure projects.

The composition of Nigeria's external debt shifted, with syndicated loans rising from 0.29% of the total external debt in March 2025 to 5.51% by March 2026. As of March 31, 2025, Nigeria's external debt was $45.98 billion, comprising $22.43 billion in multilateral loans, $6.03 billion in bilateral debt, and $17.51 billion in commercial obligations.

By March 2026, the total external debt grew to $51.90 billion, with syndicated loans accounting for a significant portion of this increase. Major creditors included First Abu Dhabi Bank, African Export-Import Bank, UniCredit SPA, and Standard Chartered Bank, with First Abu Dhabi Bank holding the largest exposure at $1.87 billion.