Skip to main content

Nigeria has struck a deal with the Paris Club of creditor countries to wipe clean two-thirds of its $30-billion (U.S.) debt and pay back the rest from its surging oil revenues, officials said yesterday. Finance Minister Ngozi Okonjo-Iweala said that Nigeria will quickly repay $6-billion dollars to the countries represented in the Paris Club, which will in turn wipe out around two-thirds of the total debt. Britain is Nigeria's biggest creditor, holding $7-billion, and has taken the lead in persuading other countries that the time has come to show support for President Olusegun Obasanjo's reform program by cancelling the loans. AFP

Interact with The Globe