Nigeria has been rated sixth among the top 10 countries with the highest exposure to funds and support from the International Finance Corporation, which is a member of the World Bank Group, whose focus is on the private sector in emerging markets and developing economies.
This was contained in the IFC Annual Report 2021: Meeting the Moment. As of June 30, India led the list of countries with a benefit of $6.91bn, accounting for 10.77 per cent of the global portfolio. China with a benefit of $4.75bn accounted for 7.40 per cent while Turkey with a benefit of $4.44bn accounted for 6.92 per cent.
Brazil was fourth with a benefit of $3.68bn, accounting for 5.75 per cent, while South Africa was fifth with a benefit of $2.49bn, accounting for 3.89 per cent. Nigeria was sixth with a benefit of $2bn, accounting for 3.12 per cent, while Colombia was seventh with a benefit of $1.76bn, accounting for 2.75 per cent.
Vietnam was eighth with a benefit of $1.67bn, accounting for 2.60 per cent; Mexico was ninth with a benefit of $1.59bn, accounting for 2.48 per cent; and Indonesia was tenth with a benefit of $1.53bn, accounting for 2.38 per cent.
It is easy to borrow but hard to pay back. A corrupt government should not borrow money.