Nigeria has fully repaid the $3.4 billion in emergency funding it received from the International Monetary Fund (IMF) to address the economic challenges caused by the COVID-19 pandemic, the IMF announced on Thursday.
In April 2020, the IMF provided the funds to assist Nigeria, Africa’s largest oil exporter, as the country faced a sharp decline in oil prices, which severely impacted its economy and pushed it into a recession.
Christian Ebeke, the IMF’s resident representative to Nigeria, confirmed that as of April 30, 2025, the country had repaid the financial support it received under the IMF’s Rapid Financing Instrument, which helps member nations facing balance of payments crises.
Ebeke noted that while Nigeria has cleared the emergency funding, it will continue to make additional payments of approximately $30 million annually in Special Drawing Rights charges.
According to Nigeria’s Debt Management Office, the country spent $4.66 billion on foreign debt servicing last year, with $1.63 billion allocated to the IMF.