Nigeria’ s highest external debt stock to a multilateral or bilateral financial institution is its $ 10 . 46 bn (N3 . 965 tn at the official rate of N 379 / $ ) indebtedness to the World Bank Group , latest figures from the Debt Management Office have shown.
An analysis of the country ’ s external debt stock as of June 30 , 2020 showed that Nigeria’ s indebtedness to the International Development Association and the International Bank for Reconstruction and Development were $ 10 . 05 bn and $ 409 . 51 m respectively .
The International Bank for Reconstruction and Development and the International Development Association are both organisations of the World Bank Group .
Other organisations of the multilateral financial institution include the International Finance Corporation , the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes .
The World Bank Group and the African Development Bank Group are two prominent multilateral institutions that lend to the nation.
Nigeria’ s total indebtedness to the multilateral institutions during the period under review was put at $ 16 . 36 bn , representing 51 .97 per cent of the country ’ s total external debt stock .