Nigeria has retained its position as the third largest borrower from the World Bank’s International Development Association (IDA) despite recording a slight reduction in its debt profile during the first quarter of 2026.

Data obtained from the bank showed that the nation’s exposure decreased from $18.7 billion in December 2025 to $18.5 billion by March 2026, indicating a small reduction over the three-month period.

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Among the World Bank’s biggest IDA borrowers, only Bangladesh and Pakistan now rank above Nigeria, with Ethiopia, Tanzania, Kenya behind.

The development comes on the heels of the President Bola Tinubu administration’s latest $1.2 billion loan facility request from the World Bank which should push the country’s total approvals secured since 2023 alone to over $10 billion.

According to financial analysts, Nigeria’s worrying total debt exposure to the World Bank highlights the government’s ongoing reliance on concessional funding to support vital economic sectors.