Nigeria’s bilateral loans in five years, increase by 145%

Nigeria’s bilateral loans from India, France, Germany, China and Japan rose by $2.4bn or 144.58 per cent in five years from $1.66bn as of December 31, 2015 to $4.06bn as of December 31, 2020.

This is according to data from the Debt Management Office on external loans taken by the country.

Nigeria had borrowed $157.95m from France’s Agence Francaise Development, $11.44m from Germany’s Kreditanstalt Fur Wiederaufbua, $1.44bn from China’s Exim Bank of China and $43.88m from the Japan International Cooperation Agency, bringing the total to $1.66bn as at December 31, 2015.

The total indebtedness to these countries rose by $26m to $1.92bn by December 31, 2016 with Nigeria owing France $70.66m, Germany $11.09m, China $1.64bn and Japan $198.25m.

Then by December 31, 2017 it further rose by $45m to $2.37bn with Nigeria owing France $73.45m, Germany $92.59m, China $1.93bn and Japan $274.98m.

In 2018, Nigeria borrowed from India for the first time, a total of $14.79m.

Loans from the five countries by the end of 2018, rose by $72m to $3.09bn with Nigeria owing India $14.79m, France $75.16m, Germany $172.02m, China $2.49bn and Japan $344.63m.

By December 2019, the loans rose by $76m to $3.85bn with Nigeria owing India $32.14m, France $$76.13m, Germany $202.27m, China $3.18bn and Japan $361.75m.

The debts from these five countries as of December 31, 2020 rose by $21m to $4.06bn.

Nigeria owed India $37.00m, France $80.20m, Germany $184.32m, China $3.26bn and Japan $493.71m by the end of 2020.

The country’s indebtedness within that period to France rose by $335.76m or 212.57 per cent; to Germany, it rose by $172.88m or 1511.19 per cent; for China rose by $1.82bn or 126.39 per cent and for Japan, it rose by $36.32m or 82.77 per cent.

Nigeria’s indebtedness to India from 2018 to 2020 rose by $22.21m or 150.17 per cent.

As at December 31, 2015, bilateral debts make up 15.47 per cent of the country’s total external debts, with a total of $1.66bn, while by December 31, 2020, it made up 12.17 per cent, with a total of $4.06bn, showing a total increase of $2.4bn or 144.58bn.

The data shows that Nigeria had borrowed less from bilateral sources and more from multilaterals as well as commercial sources.

Some experts have cautioned  that continued increase in the nation’s debt stock, portends some risks for the country.