In a remarkable achievement, Nigeria has officially been removed from the International Monetary Fund's (IMF) list of debtor countries after clearing a $1.6 billion debt it owed the global financial institution. This marks a significant milestone for the country as it joins the ranks of Switzerland, Singapore, China, and New Zealand, nations not indebted to the IMF.
The IMF, established in 1944 to support global economic growth, provides financial aid and policy guidance to countries facing economic crises, with the aim of stabilizing currencies, implementing reforms, and addressing balance of payments issues. Countries typically seek loans from the IMF to navigate financial difficulties, and Nigeria had been on this list due to its outstanding debt obligations.
A report titled "Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025," published on the IMF's website, confirmed that Nigeria was no longer listed among the 91 debtor nations. These countries collectively owed a total of $117.8 billion as of May 6, 2025.
The reduction in Nigeria's debt has been a gradual process, with the debt shrinking from $1.61 billion in July 2023 to $1.37 billion in January 2024. By July 2024, it further reduced to $933 million and continued to decline to $472 million by January 2025, before it was completely settled this month.
StatiSense, a data analytics company, also confirmed the settlement, reporting that Nigeria is now free from IMF debt after years of financial management efforts.
The IMF's list of the most indebted countries includes Argentina, Egypt, Ukraine, Pakistan, and Ecuador, while several African nations such as Tanzania, Cameroon, and Ghana remain indebted.
Nigeria's successful settlement of its IMF debt signals a positive development in the country's financial health, offering hope for further economic stability and growth.
