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Nigeria’s external debt commitment rose by $11.77bn in the last three years, investigation has shown.
According to debt statistics obtained from the Debt Management Office, the country’s external debt rose from $10.32bn in June 30, 2015 to $22.08bn as of June 30 this year.
This means that the country’s external debt commitment has grown by 114.05 per cent in the last three years.
Although multilateral debt made up $10.88bn or 49.28 per cent of the country’s external debt profile, most of the increases in the last three years occurred in the area of commercial loans.
According to the DMO, commercial foreign loans, which stood at $1.5bn as of June 30, 2015, had risen to $8.8bn as of June 30 2018. This means that in the last three years, the country’s exposure to commercial foreign loans has risen by $7.3bn or 486.67 per cent.
With a commitment of $8.47bn, the World Bank is responsible for 38.36 per cent of the country’s foreign portfolio.
Apart from the World Bank Group, Nigeria is also exposed to some other multilateral organisations such as the African Development Bank with a portfolio of $1.32bn and the African Development Fund with a portfolio of $843.47m.
Photo Caption: DMO LOGO
