Nigeria has officially been removed from the International Monetary Fund’s (IMF) list of indebted countries, marking a significant milestone for the West African nation.
The announcement follows after Nigeria’s repayment of a $3.4 billion loan, fully disbursed in April 2020 to counter the economic fallout from the COVID-19 pandemic and declining oil prices.
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The final principal repayment was completed on April 30, 2025, according to reports from The PUNCH.
Nigeria still continues to face interest payments on the cleared loan, with approximately $30.24 million due in 2025, and significant debts to other creditors, such as the World Bank ($14 billion) and China.
Despite this achievement, Nigeria’s oil-dependent economy remains vulnerable. The IMF projects a 3.0% GDP growth rate for 2025, down from 3.2% in 2023, citing low oil prices and trade uncertainties.
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High inflation (24.23% in March 2025) and food insecurity further complicate the economic outlook.
While clearing the IMF debt boosts Nigeria’s fiscal credibility, experts emphasize the need for sustained reforms to diversify revenue and address structural challenges.
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