Nigeria’s debt to China, France, three others hits $4.26bn

Nigeria’s debt to China, France, Japan, India and Germany rose to $4.26bn as of June 30, 2021 from $3.85bn at the end of 2019, according to data obtained from the Debt Management Office.

An analysis of the data showed that the country spent $402.74m in the 18-month period servicing bilateral loans, even as it borrowed $400m.

As of December 31, 2019, Nigeria owed $3.18bn to the Exim Bank of China, $76.13m to France’s Agence Francaise Development, $361.75m to Japan International Cooperation Agency, $32.14m to the Exim Bank of India, and $202.27m to Germany’s Kreditanstalt Fur Wiederaufbua.
The bilateral loans accounted for 13.89 per cent of the country’s total external debt of $27.67bn as of the first quarter of 2020.

A total of $94.99m was paid as debt service for bilateral loans in Q1 2020, with China and India $94.61m and $382,310 respectively. Japan, France and Germany got nothing within this period.

The bilateral loans increased by $110m to $3.95bn on June 30, 2020, accounting for 12.54 per cent of the total external debt of $31.48bn.

The country spent $14.26m servicing the bilateral loans in Q2 2020, with France and Germany getting $14.22m and $44,340 respectively while China, Japan and India got nothing.

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