Nigeria's external debt stock climbed to $54.52 billion as of June 30, 2026, from $51.90 billion at the end of March, reflecting $2.62 billion in new foreign obligations within the three-month period, according to Debt Management Office (DMO) data analysed by Nairametrics Research.
The movement translates to a 5.05 percent quarter-on-quarter increase. On a year-on-year basis, external debt rose from $45.98 billion in March 2025 to $51.90 billion in March 2026, a 12.90 percent jump equivalent to almost $5.93 billion in additional obligations.
Concentration risk is a defining feature of the portfolio. The top 10 creditors accounted for $53.06 billion, or 97.32 percent, of total external debt, leaving the balance spread thinly across other lenders.
The International Development Association (IDA), the concessional lending arm of the World Bank Group, remained Nigeria's largest single external creditor at $19.12 billion, representing 35.07 percent of the stock. Eurobond investors held $18.55 billion, or 34.02 percent. Together, these two sources account for 69.09 percent of total external debt.
Adding the Exim Bank of China raises the concentration to roughly 78.1 percent, while including the African Development Bank (AfDB) and the combined First Abu Dhabi Bank (FAB) exposure pushes it above 87 percent.
The IDA exposure rose 3.99 percent quarter-on-quarter from $18.39 billion and 6.0 percent year-on-year. Eurobond obligations were unchanged from March 2026 but 7.1 percent higher than June 2025.
China's Exim Bank, the largest bilateral creditor, was owed $4.91 billion, or 9.01 percent of the total, down 0.75 percent quarter-on-quarter from $4.95 billion.
First Abu Dhabi Bank exposure stood at approximately $3.37 billion, or 6.19 percent, comprising $1.87 billion in syndicated financing and a $1.50 billion total return swap classified under Other Commercial. The combined position increased roughly 80 percent quarter-on-quarter from $1.87 billion.
The AfDB was owed $2.17 billion, or 3.99 percent, down 0.89 percent quarter-on-quarter from $2.19 billion. The International Bank for Reconstruction and Development (IBRD) held $1.61 billion, or 2.95 percent, up 12.14 percent quarter-on-quarter from $1.43 billion.
