Nigeria Off IMF Debt List: See the 10 African Countries Still Owing Billions
- Several African countries are still grappling with heavy debt to the International Monetary Fund (IMF)
- Recent IMF data show that about 10 African countries are still struggling to fully settle their debt to the global lender
- Thankfully, Nigeria has exited the list of top debtors to the IMF after repaying its COVID-19 loans
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
The International Monetary Fund (IMF) has long played a crucial role in supporting African countries facing fiscal stress, liquidity shortages, and balance-of-payments challenges.
While IMF loans often provide short-term relief, they also come with long-term risks, including limited policy flexibility and recurring debt cycles.
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As of September 2025, Nigeria is no longer among the IMF’s African debtors, but 10 other countries remain heavily indebted.
Zambia: Debt extension amid struggles
Zambia continues to depend on IMF financing to stabilise its economy.
The country’s $1.7 billion Extended Credit Facility, which began in 2022, was recently extended by three months to January 2026. So far, $1.55 billion has been disbursed, but reforms remain slow, raising concerns about sustainability
Uganda: Seeking another bailout
Uganda’s reliance on IMF funds continues as it negotiates a new Extended Credit Facility just a year after the last one expired.
With public debt surpassing 52% of GDP, the government sees IMF support as critical, especially with elections looming in 2026. This highlights the risk of falling into a cycle of repeated borrowing.
Egypt: $7.184 billion
Egypt tops the list, reflecting its deep reliance on IMF support to stabilise reserves, tackle inflation, and manage subsidies.
Côte d’Ivoire: $3.04 billion
The West African economy is the second-highest debtor, with loans tied to reforms in energy and infrastructure.
Kenya: $3.02 billion
Kenya’s debt reflects efforts to support its currency, service external loans, and plug budget deficits.
Ghana: $2.69 billion
After defaulting on Eurobond payments in 2022, Ghana turned heavily to the IMF, making it one of the top borrowers.
Angola: $2.66 billion
Angola’s dependence is linked to fluctuating oil revenues and the need to stabilise public finances.
Democratic Republic of Congo (DRC): $1.59 billion
The DRC owes over $1.5 billion, tied to programmes aimed at improving governance and resource management.
Tanzania: $1.33 billion
Tanzania continues to lean on IMF funds to expand infrastructure and address fiscal pressures.
Cameroon: $1.24 billion
Cameroon’s debt reflects support for its budget and structural reforms, including fiscal consolidation.
Zambia: $1.13 billion
Despite repeated IMF support, Zambia still owes over $1 billion, underlining the difficulty of breaking the cycle.
Uganda: $870 million
Though not as high as others, Uganda’s repeated requests for loans highlight the risks of chronic dependence.
What Nigeria’s exit means
Nigeria’s exit from the IMF debtor list marks a rare win for Africa’s biggest economy, signalling improved fiscal discipline and resilience in its forex market.
However, the experience of countries like Zambia and Uganda shows the risks of falling back into cycles of borrowing.
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For many African nations, the challenge remains the same: how to balance short-term relief from IMF loans with the need for long-term, home-grown solutions to fiscal and economic challenges.
Nigeria repays Chinese, Indian, other loans
Legit.ng earlier reported that data from the Central Bank of Nigeria (CBN) has shown that Nigeria spent about $2.01 billion on external debt service between January and April this year.
The continued fulfilment of these obligations shows Nigeria’s commitment to meeting its international financial responsibilities and maintaining investor confidence.
An analysis of CBN’s data on international payments disclosed that external debt servicing started in 2025 at $540.67 million in January.
Source: Legit.ng
