Nigeria’s external debt rose to $51.90 billion as of March 31, 2026, with Eurobond investors and the World Bank’s International Development Association (IDA) accounting for more than 70 per cent of the country’s total foreign debt.
An analysis of data from the Debt Management Office (DMO) by Nairametrics showed that the external debt increased slightly from $51.86 billion at the end of December 2025.
However, compared with $45.98 billion recorded in March 2025, the debt rose by $5.93 billion, representing a 12.9 per cent increase in one year.
The figures also showed that Nigeria’s external debt is largely owed to a small number of major lenders and international investors. The top 10 creditor exposures accounted for about 97.2 per cent of the total $51.90 billion debt.
Eurobond investors are Nigeria’s biggest external creditors, with $18.55 billion owed to them. This represents 35.73 per cent of the country’s total external debt.
The World Bank’s IDA follows closely with $18.39 billion, representing 35.43 per cent of the debt.
Together, the two sources account for about 71 per cent of Nigeria’s external debt. IDA provides relatively cheaper loans with longer repayment periods and is used to fund areas such as education, healthcare, agriculture, power, social programmes and infrastructure.
Nigeria’s third-largest external creditor is the Export-Import Bank of China, to which the country owes $4.95 billion, representing 9.54 per cent of the total external debt.
The African Development Bank ranks fourth, with $2.19 billion, while First Abu Dhabi Bank is fifth with $1.87 billion.
Other major creditors include the World Bank’s International Bank for Reconstruction and Development (IBRD), with $1.43 billion; African Development Fund, $1.01 billion; France’s Agence Française de Développement, $902.17 million; African Export-Import Bank (Afreximbank), $637.82 million; and China Development Bank, $507.52 million.
The figures show that Nigeria’s borrowing is spread across development institutions, foreign governments, international investors and commercial banks.
The DMO’s broader debt data put Nigeria’s total public debt at N159.35 trillion as of March 31, 2026. External debt accounted for $51.90 billion, equivalent to N71.95 trillion, or 45.15 per cent of the total public debt. Domestic debt stood at N87.40 trillion.
The heavy reliance on Eurobonds, however, exposes Nigeria to foreign exchange risks because the loans are denominated in dollars and other foreign currencies.
This means that when the naira weakens against the dollar, the amount required in naira to repay the debt increases.
The World Bank loans provide relatively cheaper financing, but the growing debt still means Nigeria will have to set aside more resources in the future to meet its repayment obligations.
The latest figures therefore highlight both sides of Nigeria’s external borrowing: access to funds for development and budget financing on one hand, and rising repayment and foreign exchange pressures on the other.