International Monetary Fund (IMF) says Nigeria is no longer on its debtor list, joining 10 African countries with minimal IMF debt exposure in 2025.
In a notable turn for Nigeria’s public finances, the International Monetary Fund (IMF) has officially removed Nigeria from its list of countries with outstanding debt to the fund. This development dovetails with Nigeria being identified among a select group of African nations now characterized by exceptionally low IMF credit exposures.
The IMF’s most recent “Total IMF Credit Outstanding” table does not list Nigeria among its debtor nations, signaling full settlement of its previous obligations to the institution. According to Nigerian domestic reporting, the government cleared a debt of about US$3 billion incurred during the COVID-19 pandemic, paving the way for this milestone.
Nigeria’s exit from the list comes as the IMF released updated data ranking African countries by their remaining IMF debt burdens. The list highlights how Nigeria has transitioned from being a substantial borrower during the pandemic era to a state of minimal exposure—an outcome described by analysts as demonstrating improved fiscal discipline.
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Among the other nations cited in this ranking of lowest-debt countries are smaller African economies such as Lesotho, Eswatini, Comoros and Djibouti—each with outstanding IMF credit of less than US$100 million.
Experts say the significance of being removed from the IMF’s debtor list extends beyond headline numbers. Countries with low or zero outstanding IMF loans are less constrained by conditionality and can direct more of their budgetary resources toward investment in infrastructure, health and education. They also tend to face fewer external vulnerabilities tied to repayments.
Still, analysts caution that the achievement does not mean the end of external borrowing or fiscal risk for Nigeria. The country’s overall public debt remains high by broader sovereign standards. Clearing one category of external obligation, however, affords more strategic flexibility.
For Nigeria, this milestone may serve as a signal to international investors that its macro-policy environment is stabilizing. Nevertheless, the government will need to complement this development with sustained reforms in revenue mobilization, fiscal transparency and debt management to solidify gains.