In a significant financial milestone, Nigeria has cleared its $1.6 billion debt to the International Monetary Fund (IMF), officially removing the country from the IMF’s list of debtor nations. The development places Nigeria alongside nations like Switzerland, Singapore, China, and New Zealand—countries that currently owe nothing to the global financial institution.
According to the 9am News report, the update was confirmed in an IMF document titled “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025,” published on the IMF’s official website. As of May 6, 2025, Nigeria no longer appears among the 91 developing and least-developed nations with outstanding IMF credit, collectively owing about $117.8 billion.
Established in 1944, the IMF provides financial assistance and policy guidance to help countries navigate economic crises, stabilize currencies, implement reforms, and address balance of payments challenges. Countries typically turn to the IMF during periods of financial strain to restore economic stability and growth.
Independent data analysis firm StatiSense also confirmed Nigeria’s exit from the debtor list on its X (formerly Twitter) account. StatiSense detailed the repayment journey, noting that as of July 28, 2023, Nigeria’s IMF debt stood at $1.61 billion. This amount steadily reduced over time:
- $1.37 billion as of January 5, 2024
- $933.03 million by July 10, 2024
- $472.06 million by January 8, 2025
By May 2025, the debt was fully cleared.
While Nigeria celebrates this achievement, several countries remain among the IMF’s top debtors, including Argentina, Egypt, Ukraine, Pakistan, Ecuador, Colombia, Angola, Kenya, Ghana, Ivory Coast, Tanzania, Cameroon, Chad, Comoros, Equatorial Guinea, Guinea, Ethiopia, Botswana, and the Democratic Republic of the Congo.
This development is seen as a major step in boosting investor confidence in Nigeria’s economic management and improving its global financial reputation.
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