Chinese creditors account for just 4.1%, or $4.7 billion, of Nigeria’s $114 billion total public debt, according to the latest figures released by the Debt Management Office in Abuja.
While China’s share is significantly larger than other bilateral creditors, France is a distant second with just $572 million, the amount owed to Chinese creditors is nonetheless considerably smaller than that of other major external lenders:
- $16 billion owed to Eurobond holders
- $14 billion owed to the World Bank
WHY IS THIS IMPORTANT? Nigeria is often listed among African countries as a major borrower from China. While that’s true compared to most African countries, when measured against the country’s entire public debt, China’s share is relatively small. Furthermore, all of the Chinese loans to Nigeria were used to build specific infrastructure projects and not used for general budgetary support.
SUGGESTED READING:
- Legit.ng: Nigeria Owes China $4.7bn, World Bank $14bn, France $573m, Indebted to Others by Zainab Iwayemi
- Nigeria’s Debt Management Office: Facts about Chinese loans to Nigeria
