Nigeria Exits IMF Debtors’ List After Repaying $3.4 Billion Loan

Nigeria has cleared its $3.4 billion COVID-19 loan from the International Monetary Fund (IMF), officially removing the country from the Fund’s list of debtor nations.

The loan, secured in 2020 under the Rapid Financing Instrument to cushion the economic blow of the pandemic, had placed Nigeria among over 90 developing and least-developed countries with outstanding credit obligations to the IMF.

With this repayment, the IMF no longer classifies Nigeria as owing principal debt — a significant milestone for Africa’s largest economy. Bloomberg and Arise News both confirm that the country has exited the list, highlighting the repayment as a boost to its international credit standing.

However, while the principal debt has been settled, the IMF clarified that Nigeria still owes some residual service charges and interest on the facility. These charges, estimated at around $30 million annually, remain part of the country’s financial obligations.

This nuance means that although Nigeria is no longer flagged as a debtor country, it still has some commitments left to honor.

According to Business Insider Africa, the repayment nonetheless marks a crucial step toward fiscal stability, especially at a time when Nigeria is battling inflation, debt servicing pressure, and calls for economic reform.