Nigeria's Foreign Debt Servicing Near $1 Billion in First Two Months of 2026

Nigeria paid $440 million in foreign loan repayments in January 2026 and $480 million in February, bringing the two‑month total to $920 million. Debt service accounted for about 17.5 % of the $2.75 billion of capital outflows recorded in February, the bulk of which (82.2 %) stemmed from a sharp rise in capital transfers.

The banking sector generated the largest share of outflows at 45.96 %, followed by financing (26.10 %) and oil & gas (15.72 %). Lagos alone contributed 62.9 % of the outflows. Despite the pressure, the Central Bank of Nigeria reported that foreign‑exchange reserves rose to $50.12 billion in February, providing roughly 9.6 months of import cover—well above the three‑month benchmark. The IMF projects Nigeria’s public external debt could climb to $72.6 billion by 2027.