{"id":15098,"date":"2019-09-05T14:45:18","date_gmt":"2019-09-05T14:45:18","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=15098"},"modified":"2019-09-05T14:45:18","modified_gmt":"2019-09-05T14:45:18","slug":"world-bank-china-nigerias-highest-creditors","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors","title":{"rendered":"World Bank, China, Nigeria\u2019s highest creditors"},"content":{"rendered":"

Data obtained from the Debt Management Office has revealed that the\u00a0World Bank<\/a>\u00a0and the Exim Bank of China are Nigeria\u2019s largest creditors with a combined portfolio of $11.46 billion.<\/p>\n

Statistics obtained on Wednesday shows that this constituted 34.75 per cent of the country\u2019s $25.61bn external indebtedness as of March 31.<\/p>\n

The World Bank Group alone has a portfolio of $8.9bn in Nigeria.<\/p>\n

While the World Bank is a multilateral lender, the Exim Bank of China is a bilateral lender, implementing orders from the government of China especially in financing projects being executed by Chinese firms.<\/p>\n

The group is made up of the International Development Association which gives out concessional loans and the International Bank for Reconstruction and Development which gives out commercial loans.<\/p>\n

The African Development Bank Group is another multilateral agency to which the country owes $1.25bn. This makes up 4.88 per cent of the nation\u2019s external debt.<\/p>\n

The country is indebted to the African Development Fund to the tune of $834.18m which constitutes 3.26 per cent of the country\u2019s external debt.<\/p>\n

Other multilateral agencies to which Nigeria is indebted include the Arab Bank for Development in Africa, Electricite de France, the Islamic Development Fund and the International Fund for Agricultural Development.<\/p>\n

They have a portfolio of $5.88m, $59.15m, $15.51m and $176.19m respectively. These, respectively, constitute 0.02 per cent, 0.23 per cent, 0.06 per cent and 0.69 per cent of Nigeria\u2019s external debt.<\/p>\n

The country owes all the multilateral agencies put together the sum of $11.25bn. This constitutes 43.92 per cent of the nation\u2019s external debt.<\/p>\n

On the bilateral level,\u00a0China<\/a>\u00a0is Nigeria\u2019s biggest creditor with a portfolio of $2.55bn. This constitutes 9.96 per cent of the country\u2019s external debt.<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Data obtained from the Debt Management Office has revealed that the\u00a0World Bank\u00a0and the Exim Bank of China are Nigeria\u2019s largest creditors with a combined portfolio of $11.46 billion. Statistics obtained on Wednesday shows that this constituted 34.75 per cent of the country\u2019s $25.61bn external indebtedness as of March 31. The World Bank Group alone has […]<\/p>\n","protected":false},"author":62,"featured_media":4217,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,29],"tags":[519,813,580],"class_list":["post-15098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-china","tag-nigeria-china-relations","tag-world-bank"],"yoast_head":"\nWorld Bank, China, Nigeria\u2019s highest creditors - Nigeria<\/title>\n<meta name=\"description\" content=\"Data obtained from the Debt Management Office has revealed that the\u00a0World Bank\u00a0and the Exim Bank of China are Nigeria\u2019s largest creditors with a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank, China, Nigeria\u2019s highest creditors\" \/>\n<meta property=\"og:description\" content=\"Data obtained from the Debt Management Office has revealed that the\u00a0World Bank\u00a0and the Exim Bank of China are Nigeria\u2019s largest creditors with a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-05T14:45:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/02\/world_bank_headquarters.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"World Bank, China, Nigeria\u2019s highest creditors\",\"datePublished\":\"2019-09-05T14:45:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors\"},\"wordCount\":286,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/02\/world_bank_headquarters.jpg\",\"keywords\":[\"china\",\"Nigeria-China relations\",\"world bank\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/world-bank-china-nigerias-highest-creditors\",\"name\":\"World Bank, China, Nigeria\u2019s highest creditors - 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