Nigeria fulfilled its 2024 financial obligations to international organizations by disbursing ₦32 billion to the World Bank and five other global bodies.
According to information by Saharan Daily, the funds, released through the Office of the Accountant General of the Federation (OAGF) in July, were allocated to the African Union (AU), African Development Bank (AfDB), Organisation of Petroleum Exporting Countries (OPEC), International Labour Organisation (ILO), Organisation of African Trade Union Unity (OATUU), and the World Bank.
As a member of the World Bank, Nigeria contributes to its capital in exchange for shares that determine voting power and influence within the institution.
By the end of 2024, Nigeria’s voting shares in the World Bank Group included 0.71% in the International Bank for Reconstruction and Development, 0.43% in the International Development Association (IDA), 1.12% in the International Finance Corporation, and 0.78% in the Multilateral Investment Guarantee Agency.
The GovSpend platform revealed that ₦10 billion was disbursed to the World Bank, AfDB, and OPEC on July 5, while the AU received ₦20 billion on July 8.
Another ₦2 billion was sent to the ILO and OATUU on July 2 as part of assessed contributions.
The State House Director of Information, Abiodun Oladunjoye, confirmed that all commitments were fulfilled.
The World Bank remains Nigeria’s largest lender, with over $15 billion in outstanding loans as of March 2024.
In September, the institution approved $1.57 billion in financing for Nigeria’s health, education, and energy sectors.
For 2025, it is considering three additional loan projects totaling $1.65 billion to address the country’s key developmental challenges.
Nigeria’s financial commitments to global organizations reflect its active participation in international cooperation.
Chinedum Anayo