Nigeria is on track to fully repay its International Monetary Fund (IMF) Rapid Financing Instrument (RFI) loan by 2029, according to recent reports.
In April 2020, the IMF approved Nigeria’s request for emergency financial assistance of SDR 2,454.5 million (approximately US$3.4 billion) under the RFI to address urgent balance of payment needs stemming from the COVID-19 pandemic.
The repayment schedule for this loan commenced in 2025 and is set to conclude in 2029. According to the IMF’s projected payment schedule as of March 31, 2025, Nigeria is expected to make annual payments, including net SDR charges and assessments, totalling approximately SDR 26.7 million in 2029.
As of early 2025, Nigeria has been servicing its debt obligations to the IMF, World Bank, and other creditors, with reports indicating that the country spent $2.32 billion on loan repayments in 2024.
The IMF has confirmed Nigeria’s repayment status and schedule, noting that the country is adhering to its obligations. This progress is viewed positively by global investors and development partners, especially following Nigeria’s recent credit rating upgrade by Fitch Ratings.
