Skip to main content

The Globe and Mail

Nigeria strikes deal to erase $20-billion in debt

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

Report an error

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at