IMF Releases New List of Countries Wth Lowest Debt in Africa, Nigeria Absent

• Many African nations are struggling with heavy IMF debts, but a few have maintained low debt levels, giving them greater financial flexibility
• These countries benefit from reduced external influence on their economic decisions and enjoy improved credit ratings
• Eswatini stands out for significantly lowering its IMF debt recently compared to other African nations

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

As the second half of 2025 progresses, large debt loads continue to weigh heavily on many African nations. Several countries are grappling with complex debt arrangements, including sizeable obligations to the International Monetary Fund (IMF).

However, amid this challenging economic climate, a few African nations are beginning to demonstrate a clear competitive advantage — those that have carefully maintained relatively low debt profiles with the IMF.

The most significant benefit for these countries is the substantial financial leverage, flexibility, and much-needed breathing room this independence provides. In a global economy marked by rising interest rates, stricter lending conditions from international bodies, and growing scrutiny of public debt, such autonomy is critical.

These nations are better positioned to navigate the complexities of international finance on their own terms, free from the immediate burden of IMF commitments. One of the key advantages of this independence is the reduced influence of external forces on domestic economic decisions.

A low level of IMF debt is also a strong indicator of sound fiscal discipline and responsible financial management. It signals that a country has effectively managed its budgetary risks, steered clear of emergency borrowing, and preserved its reputation within the international financial community.

This strong financial standing leads to significant knock-on benefits. Improved sovereign credit ratings from international agencies often directly result from prudent financial management. In turn, higher credit ratings make it easier and cheaper for these countries to access funding from private markets and other multilateral lenders.

According to the IMF’s website, ten African nations currently owe the most money to the organisation. Eswatini has climbed to the top of the list since last month, with very low IMF debt compared to most other African nations — dropping from 19,625,000 to 9,812,500 (currency to be specified).

Nigeria’s per capita debt crosses N600k

Legit.ng reported that Data from the Debt Management Office (DMO) shows that Nigeria’s debt profile stood at N144.665 trillion, approximately $94.2 billion, as of December 31, 2024.

Nigeria’s debt is a complex and evolving landscape that has increased recently, primarily driven by budget deficits, exchange rate depreciation, and the need for infrastructure financing.

The DMO data shows that as of Q1 2024, Nigeria's public debt stood at N121.67 trillion (US$91.46 billion). By December 2024, it further increased to N144.67 trillion.

Source: Legit.ng