Nigeria’s total external debt reached $51.90 billion at the end of the first quarter of 2026, marking a 12.9% year-on-year increase. Data from the Debt Management Office reveals high creditor concentration, with the top ten lenders accounting for 97.2% of the total obligations. Eurobond investors and the World Bank’s International Development Association remain the primary creditors, collectively holding over 71% of the country’s external debt portfolio. The shift in syndicated debt profile, now including First Abu Dhabi Bank and AFREXIM Bank, highlights Nigeria’s ongoing strategy to diversify funding sources beyond traditional multilateral and bilateral partners.