Nigeria has fully repaid a $3.4 billion loan it had received from the International Monetary Fund (IMF), making it officially debt-free to the organization. This repayment marks a major financial achievement for the country.
The loan was originally taken in April 2020, during the height of the COVID-19 pandemic. At that time, Nigeria was under serious financial pressure, and the money was urgently needed to support the healthcare system, protect jobs, and stabilize the economy. The loan came through the IMF’s Rapid Financing Instrument, which was designed to quickly help countries deal with emergency situations like the global health crisis.
Nigeria completed the repayment by April 30, 2025, several months earlier than the expected deadline. This early repayment is seen as a sign of the country’s improved financial discipline and better economic management. It shows that Nigeria is making progress in rebuilding its economy and managing its finances more responsibly.
With this final payment, Nigeria has now been removed from the IMF’s list of debtor countries. This development is expected to have a positive impact on Nigeria’s image in the international community. Experts believe that being debt-free to the IMF will improve Nigeria’s creditworthiness, attract more foreign investment, and build greater trust among international financial institutions. It also sends a strong message that the country is committed to economic growth, accountability, and financial independence.
