Nigeria's loans from World Bank is $6.29bn

At the moment, Nigeria is indebted to World Bank at the tune of $6.29bn due to her borrowing, this statistics was revealed by the Debt Management Office. This increase in the nation's debt came as a result of the bank's confidence that the nation's economy has been improving. As at December 31, 2011, the World Bank total commitment to Nigeria was $3.94bn but later increased to $6.29bn by 31st December. The world Bank is Nigeria's highest external creditor. The substantial amount lent to Nigeria came from the International Development Association(IDA), a part of the World Bank that gives concessionary loans to the world poorest nations, while only $3.57m came from the International Bank for Reconstruction and Development (IBRD) which gives commercial loans to the countries that are capable of paying back.