A major contributor to the success of Nigeria’s debt relief attempts in the 1980s to early 2000s rested on the fact that the creditor base was less fragmented than it is today. Moreover, private and bilateral creditors were hardly in the mix.
In 2004, 85.82 per cent of Nigeria’s sovereign debt was owed to the Paris Club, while commercial and multilateral creditors had 6.12 per cent and 7.86 per cent, respectively. On the other hand, data from the DMO shows a more diversified creditor portfolio as of July 2024. About 50.41 per cent ($21.6 billion) of total sovereign debt is owed to multilateral creditors, which include the IMF, World Bank Group and AfDB. 13.72 per cent ($5.887 billion) is owed to bilateral creditors such…
