Nigeria’s debt to the World Bank recorded a significant rise within one year, increasing by $2.08bn to reach $19.89bn as of December 31, 2025, according to data from the Debt Management Office (DMO) on external debt stock. This represents an 11.7 per cent growth compared to the $17.81bn owed at the end of 2024.
The World Bank exposure is made up of facilities from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD). The IDA provides concessional financing in the form of low-interest loans and grants to low-income countries, while the IBRD offers loans and advisory services mainly to middle-income and creditworthy developing nations.
Breakdown from the DMO showed that Nigeria’s IDA obligations rose from $16.56bn in 2024 to $18.51bn in 2025, marking an increase of $1.94bn or 11.73 per cent. Similarly, IBRD loans climbed from $1.24bn to $1.38bn, reflecting a rise of $141.84m or 11.41 per cent.
With this increase, World Bank loans now account for 38.36 per cent of Nigeria’s total external debt stock, which stood at $51.86bn at the end of 2025. This is slightly lower than the 38.90 per cent share recorded in 2024, when total external debt was $45.78bn.
Although the World Bank remains Nigeria’s largest external creditor group, its share declined marginally as other debt categories grew at a faster pace. Overall external debt rose by $6.08bn, representing a 13.27 per cent increase year-on-year.
A major driver of the expansion came from commercial and project-related borrowings, particularly syndicated loans, while Eurobond obligations also increased from $17.32bn to $18.55bn. Multilateral debt rose to $23.85bn from $22.32bn, and bilateral debt grew from $6.09bn to $6.72bn.
Overall, the data highlight that Nigeria’s external debt profile continues to lean heavily on multilateral institutions, with the World Bank alone accounting for more than four-fifths of the country’s multilateral debt stock in 2025.
