Nigeria increased its borrowing from foreign lenders in 2025 as the Federal Government continued efforts to fund public projects, close budget deficits, support economic reforms, improve infrastructure, and manage economic pressures affecting the country.
According to figures from the Debt Management Office (DMO) reviewed by Nairametrics Research, Nigeria’s total external debt rose significantly during the year.
By December 2025, Nigeria’s total external debt stood at $51.86 billion, showing a 13.27% increase compared to the $45.78 billion recorded in December 2024.
The figures also showed growth within a short period. Between September and December 2025, external debt increased by 7%, rising from $48.46 billion to $51.86 billion. This increase suggests that Nigeria continued taking new loans while also experiencing changes in debt values.
What the figures show
The data revealed that Nigeria’s external debt is heavily concentrated among a small group of international lenders and investors.
The country’s biggest creditors include:
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