Nigeria is now debt-free to the International Monetary Fund (IMF) after settling the US$3.4 billion financial support it received in 2020 to cushion the economic impact of the COVID-19 pandemic.
IMF representative to Nigeria, Christian Ebeke, confirmed that the country had fully repaid the loan as of 30th April 2025. The funds were part of the IMF’s Rapid Financing Instrument (RFI), which offered emergency support to countries during the height of the global crisis.
Last year alone, Nigeria spent $4.46 billion US Dollars servicing its external debt, with $1.63 billion US Dollars of that amount going to the IMF.
The full repayment marks a significant milestone for Africa’s largest economy, which has faced mounting debt pressure in recent years amid declining oil revenues and rising inflation.
The move is seen as a positive signal to international creditors and could strengthen Nigeria’s creditworthiness in global markets.