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First with the News

Nigeria’s Bilateral Loans Rise By 145% In Five Years

September 8, 2021
in Economy, Top Stories
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Nigeria's Public Debt Hits N46.25trn ($103.11bn) - DMO

Director General of Nigeria's Debt Management Office, Ms Patience Oniha.

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By John Ikani

Data on external loans obtained from the Debt Management Office (DMO) reveals that Nigeria’s loans from China, France, Japan, India and Germany rose from $1.66bn as of December 31, 2015 to $4.06bn as of December 31, 2020, signifying an increase of $2.4bn or 144.58 per cent in five years.

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As of December 31, 2015, Nigeria had borrowed $1.44bn from China’s Exim Bank of China, $157.95m from France’s Agence Francaise Development, $43.88m from the Japan International Cooperation Agency and $11.44m from Germany’s Kreditanstalt Fur Wiederaufbua, making a total of $1.66bn.

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The total indebtedness to these countries rose by $26m to $1.92bn by December 31, 2016 with Nigeria owing China $1.64bn, Japan $198.25m, France $70.66m, and Germany $11.09m.

It further rose by $45m to $2.37bn by December 31, 2017 with Nigeria owing China $1.93bn, Japan $274.98m, France $73.45m, and Germany $92.59m.

For the first time, Nigeria borrowed from India in 2018, a total of $14.79m.

By the end of that year, loans from the five countries rose by $72m to $3.09bn, with Nigeria owing China $2.49bn, Japan $344.63m, France $75.16m, and Germany $172.02m.

In December 2019, loans from the five countries rose by $76m to $3.85bn with Nigeria owing China $3.18bn, Japan $361.75m, France $$76.13m, India $32.14m, Germany $202.27m.

Nigeria’s debt profile from the five countries increased by $21m to $4.06bn as of December 31, 2020.

By the end of 2020, Nigeria owed China $3.26bn, Japan $493.71m, France $80.20m, India $37.00m, and Germany $184.32m.

Within the stated period, Nigeria’s indebtedness to China rose by $1.82bn or 126.39 per cent; for France, it rose by $335.76m or 212.57 per cent, while for Japan, it rose by $36.32m or 82.77 per cent, and for Germany, it rose by $172.88m or 1511.19 per cent.

For India, from 2018 to 2020, Nigeria’s debt profile rose by $22.21m or 150.17 per cent.

Bilateral debts make up 15.47 per cent of Nigeria’s total external debts as of December 31, 2015, with a total of $1.66bn, while by December 31, 2020, it made up 12.17 per cent, with a total of $4.06bn, showing a total increase of $2.4bn or 144.58bn.

Tags: Agence Francaise DevelopmentDebt Management Office (DMO)Exim Bank of ChinaJapan International Cooperation AgencyKreditanstalt Fur Wiederaufbua
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