Nearly four years after securing a $3.4 billion loan from the International Monetary Fund (IMF) to tackle the economic fallout of COVID-19, Nigeria has now fully repaid the debt and exited the global lender’s list of debtors.
The loan, obtained in April 2020 under the IMF’s Rapid Financing Instrument to mitigate the economic impact of the COVID-19 pandemic, was fully repaid as of April 30, 2025.
The repayment trajectory saw Nigeria’s debt reduce from $1.61 billion in July 2023 to $472 million by January 2025, culminating in full repayment by April 2025.
Following the completion of the $3.4 billion repayment, Nigeria has been officially delisted from the IMF’s roster of debtor nations—a group that currently comprises 91 countries still owing various sums to the global financial institution.
The IMF’s resident representative in Nigeria, Christian Ebeke, confirmed the development on Thursday, stating that while the principal has been settled, Nigeria will continue to make annual payments of approximately $30 million in Special Drawing Rights (SDR) charges until 2029.
Meanwhile, Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, highlighted the development as a sign of strategic financial management aimed at positioning Nigeria for a prosperous future.
He further noted that the achievement reflects the fiscal reforms and discipline implemented under President Bola Tinubu’s administration.
While Nigeria’s exit from the IMF debtor list is a significant step, the country remains committed to engaging with the IMF and other international partners on a more strategic and partnership-oriented basis. Analysts suggest that this development could improve Nigeria’s credit rating, lower borrowing costs, and enhance investor confidence.
