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Nigeria Ranked Among Top 10 IFC’s Biggest Debtors

Nigeria, the most populous nation in Africa, was listed by the International Finance Corporation as one of the top 10 debtors for the fiscal year 2023.

This was revealed in IFC’s 2023 full-year financial report, which HowNG was able to access on its website.

Nigeria ranked ninth out of ten nations, including South Africa, India, and Brazil, in the financial report’s “IFC’s largest country exposure” section with almost $2.02 billion.

The study states that IFC had a total exposure of approximately $34.94 billion to the nations under evaluation during the review financial year.

According to a breakdown of loans made to high-level borrower nations, India topped the list with approximately $7.28 billion, followed by Brazil ($5.6 billion), Turkey ($4.65), China ($3.23 billion), and South Africa ($3.23 billion).

Top indebted countries include Colombia ($2.35 billion), Vietnam ($2.19 billion), Indonesia ($2.17 billion), and Romania ($1.73 billion).

At the end of the second quarter of 2023, Nigeria’s total public debt was N87.38 trillion, according to information released by the Debt Management Office in September.

The amount shows a 75.29% increase, or N37.53 trillion, over the N49.85 trillion recorded at the end of March 2023.

The DMO said the debt includes the N22.71tn Ways and Means Advances of the Central Bank of Nigeria to the Federal Government.

The DMO stated, “Nigeria’s total public debt stock as at June 30, 2023, was N87.38tn ($113.42bn). It comprises the total domestic and external debts of the Federal Government of Nigeria, the thirty-six states, and the Federal Capital Territory.

“The major addition to the Public Debt Stock was the inclusion of the N22.712tn securitized FGN’s Ways and Means Advances.”

IFC committed $43.7 billion in long- and short-term financing in FY23, mobilizing approximately $15 billion from additional investors.

IFC’s lending to the Financial Markets sector of the economy accounted for $8.60 billion, or 51.58 percent, of all loans made during the review period. Infrastructure accounted for roughly $2.45 billion, or 14.67 percent, and Manufacturing for $1.52 billion, or 9.11 percent.

Agribusiness & Forestry, $1.1 billion, or 6.60 percent, Funds, $990 million, or 5.94 percent, Tourism, Retail & Property, $ 765 million, or 4.59 percent, Telecommunications & Information Technology, $ 747 million, or 4.48 percent, Health & Education, $ 505 million, or 3.03 percent, and Natural Resources, $ 2 million, or 0.01 percent, were the other sectors that benefited from the Fund’s facilities in 2023.

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