Current financial figures at the Debt Management office show that the two have a combined portfolio of about $11.46billion.
The two lending institutions are unique in the financing. World Bank which is a multilateral lender finances development projects executed by firms belonging to different countries.
The group is made up of the International Development Association which gives out concessional loans and the International Bank for Reconstruction and Development which gives out commercial loans.
Nigeria also owes the African Development Bank Group, another multilateral agency a total of $1.25bn. This makes up 4.88 per cent of the nation’s external debt.
Debt owed to the African Development Fund amounts to US$834.18 million. This debt to ADF constitutes 3.26 per cent of the country’s external debt.
Nigeria is also indebted to a number of other multilateral agencies which include the Arab Bank for Development in Africa, Electricite de France, the Islamic Development Fund and the International Fund for Agricultural Development.
Multilateral agencies continue to play a key role in the financing of development projects in Nigeria.
The huge debt owed to these agencies which totals to US$11.25 billion and accounts for 43.92 percent of the country’s external debt is prove of their significant role in the country’s development.
Bilateral creditors also account for a significant amount of Nigeria’s external debt. The total amount owed to them by Nigeria is US$3.19 billion and it accounts for 12.47% of the country’s external debt.
China alone, with its total credit portfolio of US$2.55 billion accounts for over two-thirds of the amount extended by foreign countries.