Nigeria, Four Other African Countries Rank Among Top World Bank Borrowers
African economies continue to play a major role in the World Bank’s concessional lending system, with five countries from the continent ranking among the top global borrowers under the International Development Association (IDA).
According to the IDA’s unaudited quarterly financial statements dated March 31, 2026, total outstanding exposure among the top 10 borrowing countries stood at about $230.8 billion.
The International Development Association is the World Bank’s financing arm that provides low-interest and interest-free loans, as well as grants, to poorer countries to support infrastructure, healthcare, education and poverty reduction projects.
The latest figures showed that African countries accounted for nearly one-third of total exposure among the top 10 borrowers.
Nigeria emerged as Africa’s largest borrower under the IDA with outstanding exposure estimated at $18.5 billion.
The report noted that Nigeria’s heavy reliance on concessional funding reflects increasing infrastructure financing demands and the pressure created by its rapidly growing population.
Ethiopia followed closely with $14.4 billion in exposure as the country continues to depend on development financing amid ongoing economic reforms and fiscal challenges.
Tanzania and Kenya also ranked among the top borrowers with $14.3 billion and $13.2 billion respectively, while Ghana recorded $7.4 billion in outstanding exposure.
Combined, the five African countries accounted for approximately $67.8 billion, representing about 29.4 percent of total exposure among the top 10 borrowers.
Outside Africa, the ranking was led by Bangladesh and Pakistan, while India, Vietnam and Ukraine also featured prominently.
Analysts say the concentration of World Bank concessional lending among a small number of countries reflects both the opportunities and risks within the global development finance system.
The report highlighted that large borrowing countries not only shape the World Bank’s overall portfolio risk but also remain central to long-term infrastructure expansion and social development investments across emerging economies.
