Nigeria Exits IMF Debtors’ List After Full Loan Repayment

Nigeria is no longer listed among African countries with the highest outstanding credit to the International Monetary Fund (IMF), following the full repayment of its $3.4 billion emergency loan.

Latest IMF data for July 2025 show that the continent’s top debtors to the Fund are Egypt, Côte d’Ivoire, Kenya, Angola, and Ghana, which together account for more than $19 billion.

Egypt leads the list with $7.42 billion in outstanding credit.

Other countries in the top ten are the Democratic Republic of Congo ($1.95 billion), Ethiopia ($1.59 billion), Tanzania ($1.33 billion), Cameroon ($1.15 billion), and Senegal ($993 million).

Nigeria’s removal from the IMF’s debtors’ chart comes after it completed repayment of the Rapid Financing Instrument loan obtained in April 2020 at the height of the COVID-19 pandemic. The final tranche was settled on April 30, 2025, making this the first time in decades that the country has had no outstanding credit with the Fund.

Accountability and Policy Monitoring applauded the current administration for this achievement, noting that the repayment reflects fiscal discipline and strengthens Nigeria’s financial standing on the global stage.

While Nigeria still carries external debt from other multilateral and bilateral lenders, its absence from the IMF list highlights a significant shift in its credit relationship with the institution.