Nigeria is notably missing from the list of African countries with the highest debts to the International Monetary Fund (IMF) in 2024, signaling a shift in the nation’s approach to external borrowing.
The latest data, released on December 23, 2024, shows Egypt leading with $9.3 billion in IMF credit, followed by Kenya with $3.02 billion and Angola at $2.9 billion. Côte d’Ivoire, Ghana, and the Democratic Republic of Congo (DRC) are also among the top debtors, with figures ranging from $2.75 billion to $1.6 billion. Ethiopia, South Africa, Cameroon, and Morocco complete the top ten list.
Nigeria, which had previously relied on external loans, has avoided accumulating new IMF debts. Instead, the government has focused on debt servicing, repaying $2.24 billion in external obligations between January and June 2024. In the first quarter alone, $1.12 billion was paid to foreign creditors, demonstrating Nigeria’s commitment to managing its financial obligations.
While many African nations turn to the IMF for economic stability, such loans often come with restrictive Structural Adjustment Programs (SAPs) that can exacerbate socioeconomic inequalities. The growing debt burdens in these nations highlight the urgent need for sustainable financial strategies that promote long-term stability without imposing excessive economic constraints.
Nigeria’s absence from the IMF’s top debtor list aligns with its broader strategy to reduce external borrowing and diversify revenue streams. However, with over $2 billion spent on debt servicing in just six months, the country still faces significant fiscal challenges.
The IMF’s role in Africa remains a topic of debate, with critics questioning whether its financial assistance fosters or hinders sustainable development. For now, Nigeria’s exclusion from the top debtor ranks underscores its effort to balance fiscal responsibility with economic growth.
1. Egypt1. Egypt – 9,305,675,014
2. Kenya – 3,022,009,900
3. Angola – 2,900,483,338
4. Cote d’Ivoire – 2,746,507,040
5. Ghana – 2,514,421,000
6. DRC – 1,599,000,000
7. Ethiopia – 1,313,857,500
8. South Africa – 1,144,200,000
9. Cameroon – 1,130,220,000
10. Morocco – 1,100,200,000
