Nigeria’s external debt edges down to US$9.4 billion

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Nigeria’s external debt decreased slightly to stand at 9.4 billion U.S. dollars in March, the country’s Debt Management Office (DMO) said on Monday.

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The figure shows a decrease of about 300 million dollars from 9. 7 billion dollars that the country owed at Dec. 31, 2014, the DMO said in an official statement showing the country’s debt stock profile.
A breakdown shows that the highest sum is owed the World Bank Group with 5.6 billion dollars, owed International Development Association and 89.4 million dollars owed International Fund for Agricultural Development.
The DMO said Nigeria owes African Development Bank (AfDB) 200 million dollars and 513.7 million dollars owed African Development Fund (ADF), a debt incurred through AfDB Group.
According to the DMO, the West African nation also owes Arab Bank Economic Development for Africa 4.4 million dollars, while its debts to European Development Fund and Islamic Development Bank are 75.1 million dollars and 19.6 million dollars respectively.
The record also shows that the country’s indebtedness through bilateral agreement to Exim Bank of China and French Development Agency are 1.2 billion dollars and 140.2 million dollars.
It further states that Nigeria’s external debt stock through government’s issuance of Eurobond stood is 1.5 billion dollars. Enditem

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