Nigeria remained the third largest borrower from the World Bank’s International Development Association (IDA) in the first quarter of 2026, even though its debt reduced slightly.
According to IDA financial data for March 2026, Nigeria’s debt exposure dropped from $18.7 billion in December 2025 to $18.5 billion in March 2026. This represents a decrease of $200 million, or 1.1 percent, over three months.
However, compared to the same period last year, Nigeria’s debt increased. In March 2025, the country’s exposure stood at $17.3 billion, meaning it rose by $1.2 billion or 6.9 percent within one year.
Among countries borrowing from IDA, Bangladesh ranked first with $22.7 billion, followed by Pakistan with $19.2 billion, while Nigeria remained third at $18.5 billion. Other major borrowers included Ethiopia ($14.4 billion), Tanzania ($14.3 billion), and Kenya ($13.2 billion).
The World Bank’s total outstanding IDA loan portfolio stood at $230.8 billion as of March 2026, slightly lower than $231.1 billion recorded in December 2025.
Nigeria’s share represented about 8 percent of the total IDA loan portfolio and 13.3 percent of the exposure among the ten biggest borrowing countries.
Although Nigeria recorded a small decline in the first quarter, the overall trend shows increasing use of concessional loans to support development programmes.
The Federal Government is also discussing a new $1.25 billion World Bank loan package aimed at improving access to finance, expanding digital services, strengthening electricity supply, and supporting reforms in tax, trade and agriculture.
Reports indicate that World Bank loan approvals for Nigeria under President Bola Tinubu between June 2023 and May 2026 have reached about $9.35 billion. If the proposed loan is approved, total approvals could rise to approximately $10.6 billion.
Meanwhile, the Accountant General of the Federation, Dr Shamseldeen Babatunde Ogunjimi, has called on the World Bank to speed up loan approval and fund disbursement processes, stressing that Nigeria depends on timely access to the facilities to execute development projects.
