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About Nigeria's External Debt - Part 4

Reconstructed from various sources by
Bolaji Aluko

May 19, 2001

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TABLE 1: STRUCTURE OF LOANS
[Source: African Development Indicators 2001 - World Bank]

In Millions of Dollars (current prices)

<---------- LONG-TERM LOANS ------------------------> SHORT
TERM
Official Concess. Official Non-conc. <--Private-->
GD Amort. Int GD Amort. Int GD Amort. Int Int
Pay Pay Pay Pay
1980 49 14 9 73 31 54 1,630 197 466 379
1990 107 7 312 535 767 988 285 406 823 32
1991 44 2 34 550 547 1,216 193 313 805 28
1992 36 1 361 495 331 466 4 1,546 1,004 40
1993 67 162 256 477 328 314 0 89 292 50
1994 77 1 2 522 429 335 0 316 739 50
1995 99 2 2 334 468 322 0 448 535 56
1996 94 1 3 222 727 512 0 690 528 48
1997 97 72 68 217 510 297 0 258 178 33
1998 .. 321 136 276 418 238 0 25 145 38
1999 .. .. .. 175 .. .. 11 389 276 1

GD - Gross Disbursement
Concess. Int. Pay - Concessional Interest Payment
Non-conc. - Nonconcesisonal
Amort. - Amortization

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TABLE 2: STRUCTURE OF DEBTS
[Source: African Development Indicators 2001 - World Bank]

In Millions of Dollars (current prices)

<-----LONG TERM------------> SHORT TOTAL EXT. SERVICE
Official Official Private TERM DEBT PAYMNTS
Concess. Non-conc.
1980 439 554 4,376 3,553 8,921 1,150
Bilat. 401 21
Mult. 38 533

1990 521 16,487 14,928 33,439
1991 961 18,191 13,516 33,527
1992 972 17,355 8,482 29,019
1993 1,094 17,153 8,496 30,736
1994 1,290 18,521 8,455 33,092
1995 1,377 19,115 7,949 34,093
1996 1,354 17,291 7,086 31,407
1997 1,322 15,689 5,915 28,455
1998 1,582 16,096 6,061 6,575 30,315 1,435
Bilat. 919 12,677
Mult. 663 3,419

1999 1,724 .. 5,829 31,617

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TABLE 3: GNP, EXTERNAL DEBT AND DEBT SERVICE RATIOS (1998)
[Source: African Development Indicators 2001 - World Bank]

Population (millions) 120.82
GDP Real (millions of US dollars, 30,651
constant 1995 prices)
GDP Nominal (millions of US dollars, 32,249
current prices)
GDP Growth 1.8%
GDP Per Capita (US Dollars, nominal) 267
GNP Per Capita (US Dollars, 260
Atlas Method)
Total external debt 367
per capita (US Dollars)
Percent of Debt Disbursed 94
Present value of debt-export 262
ratio
Debt service-export ratio 12
(ex post)
Concessional Nonconcess.
Debt Debt
Debt-GDP Ratio 5 43
Debt-Export Ratio 14 256

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Note: for the above, the following definitions apply:

Page 151 of "African Development Indicators 2001 - World Bank".

"Long-term loans have an original or extended maturity of more than
one year, while the maturity on short-term loans is one year or
less. Official and private refer to the source of the foreign
loans. Official loans are from multilateral organizations (excluding
the IMF) and from foreign governments; these loans are either made
directly to the government of the borrowing country or guaranteed by
it, or its agencies, when made to a third party. Private loans are
from the private sector, including foreign parent companies and their
affiliates, suppliers, financial markets (such as commercial banks),
and other sources. These private loans may or may not be guaranteed
by creditor or debtor governments and agencies. "Public and publicly
guaranteed" loans, as defined by the DRS [World Bank's Debtor
Reporting System], refer to loans from both official and private
foreign sources that are made to, or guaranteed by, the debtor
government or its agencies. Almost all loans from foreign official
sources are public or publicly guaranteed. Some loans from foreign
private sources are made to, or guaranteed by, the debtor government
or its agences (these are labeled private guaranteed by the DRS).
Some loans from foreign private sources are not public or publicly
guaranteed (these are labeled private nonguaranteed by DRS.]

Concessional loans carry a grant element of 25 percent or more (based
on a standard 10 percent discount rate), which is consistent with the
Development Assistance Committee of the OECD (DAC Development
Assistace Committee of the Organization for Economic Cooperation and
Development) definition of ODA (official development assistance; see
Chapter 12.) Nonconcessional loans carry a grant element of less
than 25 percent. In this chapter, private loans are shown separately
from official nonconcessional loans."

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