BREAKING: Moove exits Nigeria, gives customers N35 billion worth of cars
Moove, the global mobility company founded in Lagos, has announced plans to conclude its operations in Nigeria six years after launching in the country. As part of its exit, the company said it will transfer full ownership of eligible vehicles worth approximately N35 billion to existing customers at no cost. The customers receiving the vehicles […] The post BREAKING: Moove exits Nigeria, gives…
Nigeria's external debt stock rose to $54.52 billion by June 30, 2026, compared to $51.90 billion at the end of March 2026, marking a 5.05% quarter-on-quarter increase. During the same period, the total external debt expanded from $45.98 billion in March 2025 to $51.90 billion in March 2026, indicating a 12.90% year-on-year rise.
Among Nigeria's top creditors, the International Development Association (IDA) of the World Bank Group held the largest position, accounting for 35.07% of the country's external debt. Eurobond investors contributed another 34.02%, together representing 69.09% of the total debt. Multilateral institutions collectively accounted for the largest source of external financing for Nigeria.
When considering China Exim Bank and the AfDB Group, multilateral institutions' share reached 87%. The China Development Bank and China Exim Bank combined for 10.1% of Nigeria's external debt. The African Export-Import Bank (Afreximbank) held $835.78 million in loans, constituting 1.53% of the total debt. Agence Française de Développement (AFD) was owed $906.23 million, representing 1.66% of the external debt.
The African Development Fund (ADF), a concessional arm of the AfDB Group, was owed $1.01 billion, making up 1.85% of the external debt. The International Bank for Reconstruction and Development (IBRD), a World Bank Group arm, was owed $1.61 billion, accounting for 2.95% of the debt stock.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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