Use of IMF credit in Nigeria
Nigeria: Use of IMF credit was 6.05 billion DOD, current US$ in 2024. ◆ Volatile
Use of IMF credit in Nigeria, 1999–2024
Source: International Debt Statistics, World Bank (WB). Measured in DOD, current US$.
Analysis
In 2024, use of imf credit in Nigeria stood at 6.05 billion DOD, current US$.
Compared with earlier readings it is down 23.1% on the previous year and up 149.4% over ten years.
Over the whole period, use of imf credit in Nigeria peaked at 9.07 billion DOD, current US$ in 2021 and was at its lowest, 197.50 million DOD, current US$, in 2001.
Nigeria ranks 15th of 123 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Use of IMF credit in Nigeria, year by year
| Year | DOD, current US$ | Change |
|---|---|---|
| 1999 | 215.70 million DOD, current US$ | — |
| 2000 | 204.76 million DOD, current US$ | -5.1% |
| 2001 | 197.50 million DOD, current US$ | -3.5% |
| 2002 | 213.66 million DOD, current US$ | +8.2% |
| 2003 | 233.53 million DOD, current US$ | +9.3% |
| 2004 | 244.06 million DOD, current US$ | +4.5% |
| 2005 | 224.62 million DOD, current US$ | -8.0% |
| 2006 | 236.42 million DOD, current US$ | +5.3% |
| 2007 | 248.34 million DOD, current US$ | +5.0% |
| 2008 | 242.06 million DOD, current US$ | -2.5% |
| 2009 | 2.63 billion DOD, current US$ | +985.0% |
| 2010 | 2.58 billion DOD, current US$ | -1.8% |
| 2011 | 2.57 billion DOD, current US$ | -0.3% |
| 2012 | 2.57 billion DOD, current US$ | +0.1% |
| 2013 | 2.58 billion DOD, current US$ | +0.2% |
| 2014 | 2.43 billion DOD, current US$ | -5.9% |
| 2015 | 2.32 billion DOD, current US$ | -4.4% |
| 2016 | 2.25 billion DOD, current US$ | -3.0% |
| 2017 | 2.39 billion DOD, current US$ | +5.9% |
| 2018 | 2.33 billion DOD, current US$ | -2.3% |
| 2019 | 2.32 billion DOD, current US$ | -0.6% |
| 2020 | 5.95 billion DOD, current US$ | +156.7% |
| 2021 | 9.07 billion DOD, current US$ | +52.5% |
| 2022 | 8.63 billion DOD, current US$ | -4.9% |
| 2023 | 7.87 billion DOD, current US$ | -8.7% |
| 2024 | 6.05 billion DOD, current US$ | -23.1% |
Nigeria compared with similar countries
- Nigeria's 6.05 billion DOD, current US$ is above the median for lower middle income countries, which is 1.04 billion DOD, current US$, 5.8× the median. (43 countries reporting)
- Nigeria's 6.05 billion DOD, current US$ is above the median for Sub-Saharan Africa, which is 842.15 million DOD, current US$, 7.2× the median. (44 countries reporting)
Biggest year-on-year movements
Years where Use of IMF credit in Nigeria changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2009 | +985.0% | 242.06 million DOD, current US$ | 2.63 billion DOD, current US$ |
| 2020 | +156.7% | 2.32 billion DOD, current US$ | 5.95 billion DOD, current US$ |
| 2021 | +52.5% | 5.95 billion DOD, current US$ | 9.07 billion DOD, current US$ |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 215.70 million DOD, current US$ | 215.70 million DOD, current US$ | 215.70 million DOD, current US$ | 1 |
| 2000s | 467.14 million DOD, current US$ | 197.50 million DOD, current US$ | 2.63 billion DOD, current US$ | 10 |
| 2010s | 2.43 billion DOD, current US$ | 2.25 billion DOD, current US$ | 2.58 billion DOD, current US$ | 10 |
| 2020s | 7.52 billion DOD, current US$ | 5.95 billion DOD, current US$ | 9.07 billion DOD, current US$ | 5 |
Countries ranked near Nigeria
More external debt data for Nigeria
- IFC, private nonguaranteed 102.35 million NFL, US$ (2024)
- IFC, private nonguaranteed (NFL, US$), per capita 0.4399 NFL, US$ per person (2024)
- IFC, private nonguaranteed (NFL, US$), per unit of GDP 0.0004 NFL, US$ per US$ of GDP (2024)
- IFC, private nonguaranteed (NFL, US$), per square kilometre 56.33 NFL, US$ per square kilometre (2023)
- Public and publicly guaranteed debt service 1.6% (2024)
- Net financial flows, IDA 1.92 billion NFL, current US$ (2024)
- Net financial flows, IDA (NFL, current US$), per capita 8.24 NFL, current US$ per person (2024)
- Net financial flows, IDA (NFL, current US$), per unit of GDP 0.0076 NFL, current US$ per US$ of GDP (2024)
- Net financial flows, IBRD 758.21 million NFL, current US$ (2024)
- Public and publicly guaranteed debt service 6.3% (2024)
Frequently asked questions
- What is use of imf credit in Nigeria?
- Use of imf credit in Nigeria was 6.05 billion DOD, current US$ in 2024, according to International Debt Statistics, World Bank (WB).
- What is the highest use of imf credit recorded in Nigeria?
- The highest recorded value was 9.07 billion DOD, current US$ in 2021.
- What is the lowest use of imf credit recorded in Nigeria?
- The lowest recorded value was 197.50 million DOD, current US$ in 2001.
- How does Nigeria rank for use of imf credit?
- Nigeria ranks 15th out of 123 countries with data for 2024.
- Is use of imf credit rising or falling in Nigeria?
- Over the last ten years it is up 149.4%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from International Debt Statistics, World Bank (WB), published as part of Use of IMF credit (DOD, current US$). Statizoid updates them automatically from the source API.
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About this data
Use of IMF Credit: Data related to the operations of the IMF are provided by the IMF Treasurer’s Department. They are converted from special drawing rights into dollars using end-of-period exchange rates for stocks and average-over-the-period exchange rates for flows. IMF trust fund operations under the Enhanced Structural Adjustment Facility, Extended Fund Facility, Poverty Reduction and Growth Facility, and Structural Adjustment Facility (Enhanced Structural Adjustment Facility in 1999) are presented together with all of the IMF’s special facilities (buffer stock, supplemental reserve, compensatory and contingency facilities, oil facilities, and other facilities). SDR allocations are also included in this category. According to the BPM6, SDR allocations are recorded as the incurrence of a debt liability of the member receiving them (because of a requirement to repay the allocation in certain circumstances, and also because interest accrues). This debt item is introduced for the first time this year with historical data starting in 1999.