The Mo Ibrahim Foundation, an African non-grant foundation, says Nigeria received the most official development assistance (ODA) or concessional funds from multilaterals in 2022.
The foundation disclosed this in its 2024 forum report published June 18 — titled, ‘Financing Africa. Where is the Money?’
The organisation said Nigeria received the most ODA from multilaterals out of any country in Africa in 2022.
Multilaterals are international financial institutions (IFIs) such as the International Monetary Fund (IMF), the World Bank, and the European Union (EU).
Advertisement
According to the report, among 10 countries in Africa, Nigeria received the third largest amount of ODA totalling $5.0 billion – with 69.9 percent ($3.5 billion) of it coming from multilaterals.
“In 2022, Nigeria received the most ODA from multilaterals of any country in Africa ($3.5 billion, second largest recipient globally), followed by Ethiopia ($2.4 billion, fifth largest recipient globally) and DR Congo ($2.1 billion, sixth largest recipient globally),” the report reads.
“Of the top 10 global ODA recipients from multilaterals, six were African: Nigeria ($3.5 billion), Ethiopia ($2.4 billion), DR Congo ($2.1 billion), Tanzania ($1.9 billion), Kenya ($1.8 billion) and Mozambique ($1.5 billion).”
Advertisement
The report also said only five countries account for over half (53.6 per cent) of Africa’s total revenue in 2024, with Nigeria having the least revenue.
The countries are South Africa (17.5 percent), Algeria (12.8 percent), Egypt (10.5 percent), Morocco (7.4 percent), and Nigeria (5.4 percent).
Add a comment
