Meet 10 African Countries With The Lowest Debt to IMF in 2025, Nigeria Missing
- A recent ranking has disclosed the 10 African countries with the least debt exposure to the International Monetary Fund (IMF)
- The list, which excludes Nigeria, shows that some African countries owe as little as $10 million to the IMF
- Experts have said that, unlike the World Bank, IMF loans come with tough conditionalities, leading to many countries borrowing less
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Debt to the International Monetary Fund (IMF) remains a critical measure of financial health and stability for African nations.
Countries with lower debt burdens not only gain greater financial independence but also enjoy stronger investor confidence and more room to implement domestic reforms.
Source: Getty Images
In July 2025, IMF data revealed the ten African countries with the lowest outstanding debts to the Fund.
According to a Business Insider report, these countries have successfully managed their borrowing strategies, ensuring that IMF loans remain a tool for stability rather than a liability.
The top 10 lowest IMF debtors in Africa
According to the IMF, the following countries have the least exposure to IMF credit facilities as of July 2025:
- Eswatini – $9.8 million
- Lesotho – $11.6 million
- Comoros – $23.1 million
- Sao Tome & Principe – $31.0 million
- Djibouti – $31.8 million
- Equatorial Guinea – $51.5 million
- Guinea-Bissau – $55.3 million
- Namibia – $71.6 million
- Cabo Verde – $76.6 million
- Somalia – $94.5 million
Eswatini leads the list with less than $10 million owed, while Somalia rounds it out with just under $95 million. Despite their varying economic sizes, these countries have one thing in common—minimal reliance on IMF credit.
Eswatini as a model
Eswatini’s performance offers an example of how keeping IMF debt at manageable levels can support broader economic stability.
According to the IMF’s 2025 Article IV consultation, the country is projected to record growth of 4.3% in 2025, up from 2.8% in 2024. Inflation is also expected to ease to 3.5%, thanks in part to prudent fiscal management.
Because Eswatini is not heavily indebted to the IMF, its government retains the flexibility to shape domestic economic policies without excessive external pressure.
This independence boosts investor confidence while ensuring that IMF assistance remains limited to technical support and advice rather than heavy financial intervention.
Why Nigeria missed out
Conspicuously absent from the list is Nigeria, Africa’s largest economy. Despite vast oil and gas wealth, the country has become increasingly dependent on external borrowing to finance its budget deficits.
Nigeria’s total public debt rose to over ₦121 trillion ($91 billion) by mid-2025, according to the Debt Management Office (DMO).
While only part of this is owed to the IMF, the rising overall debt profile translates to an average per capita debt of more than ₦500,000 ($330), a burden that affects households directly.
Economists argue that this reliance on loans undermines Nigeria’s financial independence, leaving it vulnerable to shocks in foreign exchange markets and commodity prices.
Unlike Eswatini or Namibia, Nigeria lacks the fiscal flexibility that comes with lower IMF obligations.
The bigger picture
Globally, countries that maintain limited exposure to IMF debt typically enjoy stronger credit ratings, cheaper access to capital markets, and greater resilience against external shocks.
For African nations, the lesson is clear: sustainable borrowing is as much about sovereignty as it is about economic growth.
Source: Twitter
For Nigeria, avoiding the IMF’s “low-debt” list should serve as a wake-up call.
Without urgent reforms to boost revenue, reduce borrowing, and diversify its economy, the country risks deeper dependence on external creditors—undermining its long-term stability and growth prospects.
Expert predicts Nigeria’s debt to hit N150trn in 2025
Legit.ng earlier reported that Nigeria’s public debt has been projected to hit a new high before the end of the first quarter of this year, at N150 trillion from N142 trillion as of September 31, 2024.
The new forecast was based on the latest figure of N142 trillion released by the Debt Management Office (DMO).
DMO data shows that Nigeria’s public debt rose to N142.3 trillion as of September 30, 2024, an increase of 5.97%.
Source: Legit.ng
