In General

Development Aids: Nigeria Received Over $52 Billion Since 1958

By Joshua Olufemi

Between 1958-2008 Nigeria received $52.1 billion in form of aids for development from both international organisations and Countries. The highest contributors have been World Bank’s International Bank for Reconstruction and Development (IBRD) and International Development Association with $12,159,849,661 and $5,079,648,041 of financial aids respectively. The countries that has aided Nigeria the most in this period was the United Kingdom with around $6.7 billion and Germany with around $4.2 billion.

Source: PTCIJ – Author

The sector that received the most aid is debt related. Seen as Nigeria has internationally been in a debt crisis, it has received the most aids in that regard. United Kingdom has contributed the most in this sector with $4.4 billion which is around 65% of the funds donated to Nigeria. In total Nigeria has received $18.2 billion aids for actions related to debts. Nigeria has also received $3.1 billion for general budget support, which is in line with Nigeria’s financial management development. International Monetary Fund (IMF) has been the highest contributors here with around $2.6 billion and Japan are the highest country to aid Nigeria in this sector with approximately $350 million. Nigeria has also received substantial amounts of aids on Agriculture estimated around $5.8 billion with the World Bank (IBRD) and African Development Bank (AFBD) the highest contributors with collectively $4.4 billion.

Source: PTCIJ – Author

The first spike as seen in the chart below occurred in 1989, where Nigeria received a then record $3.28 billion approximately of aids. Around that year Germany where the highest contributors with commitment of about $1.1 billion and IMF where the highest international body and second highest contributors with commitment of around $515 million. The key sections contributed to around 1989 where debt related with an estimated commitment of $1.2 billion and budget support with an estimated commitment of $790 million.

Source: PTCIJ – Author

The second spike as seen above occurred in 2006, Nigeria received a staggering commitment of $10.66 billion approximately. Sectors of development targeted this year largely remained debt related with an estimate of $9.6 billion. Health was the second highest commitment in 2006 with an estimated commitment of $312 million. United Kingdom and Japan where the highest contributors with a joint commitment of $4.6 billion approximately.