The World Bank and the Exim Bank of China are Nigeria’s largest creditors with a combined portfolio of $11.46bn, data obtained from the Debt Management Office have shown.
The African Development Bank Group is another multilateral agency to which the country owes $1.25bn. This makes up 4.88 per cent of the nation’s external debt. They have a portfolio of $5.88m, $59.15m, $15.51m and $176.19m respectively. These, respectively, constitute 0.02 per cent, 0.23 per cent, 0.06 per cent and 0.69 per cent of Nigeria’s external debt.
The PUNCH had recently reported that Chinese firms were executing key projects for the Federal Government worth over $47bn.
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