Nigeria’s largest external debt exposures and how much we owe

Nigeria's total external debt reached $51.90 billion as of Q1 2026, marking a 12.90% increase year-on-year, or nearly $5.93 billion more than the previous year. The World Bank and Eurobond investors held over 70% of the country's external debt, with the top 10 creditor exposures accounting for approximately 97.2% of the $51.90 billion.

This high concentration of debt emphasizes the significant roles of multilateral lenders, international capital markets, bilateral partners, and syndicated facilities in financing Nigeria's fiscal and development requirements.

First Abu Dhabi Bank and AFREXIM Bank emerged as new syndicated lenders in Q1 2026, each contributing $1.87 billion and $637.82 million, respectively. These two new exposures together accounted for approximately $2.51 billion, nearly matching the previous syndicated project-loan balance of $2.51 billion that was excluded from the debt figures. This suggests that part of the apparent movement in syndicated debt may be attributed to reclassifications or restructuring of existing exposures rather than an added $2.51 billion.

AFREXIM Bank's loan amounted to 1.23% of Nigeria's total external debt, while first Abu Dhabi Bank's exposure accounted for 3.61% or $1.87 billion in Q1 2026. The African Development Fund (ADF) owed Nigeria $1.01 billion, representing 1.95% of total external debt. The African Development Bank (AfDB) ranked as Nigeria's fourth-largest external creditor with outstanding obligations of $2.19 billion, equivalent to 4.23% of total external debt.