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W’Bank ranks Nigeria among countries with high debt risk

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WORLD BANK has listed Nigeria and nine other countries as nations with high-debt risk exposure globally.

  Latest financial statement for International Development Association (IDA) showed that the global finance watchdog Nigeria at number five with $11.7 billion IDA debt stock.

  “As of June 30, 2021, there are 10 countries with the highest exposures accounted for 66 per cent of IDA’s total exposure. Nigeria occupies the fifth position. Largest exposure to a single borrowing country, India, was $22 billion as of June 30, 2021. Monitoring these exposures relative to the SBL, requires consideration of the repayment profiles of existing loans, as well as disbursement profiles and projected new loans and guarantees,” it explained in the document.

  India tops the list with an IDA debt stock of $22b. Bangladesh followed with $18.1 billion in second and followed by Pakistan with $16.4 billion and Vietnam with $14.1 billion. Ethiopia, Kenya, Tanzania, Ghana and Uganda complete the top 10 list in that order.

  It will be recalled that Debt Management Office (DMO) said that as at September 2020, Nigeria had taken a $31.98b worth of loans from the World Bank Group, International Monetary Fund (IMF), African Development Bank (AfDB).

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