Nigeria successfully wooed the Paris Club for a debt relief package. The 19-nation creditor society voted in favor of canceling $18 billion of the African country?s debt after taking note "of the economic reform programme implemented by the Nigerian authorities since 2003 and of their willingness to take advantage of exceptional revenues in order to finance an exit treatment from the Paris Club." Nigerian President Olusegun Obasanjo very much welcomed the decision, a proof, he said, of "the steadfastness, sacrifices and tenacity of [the] government in its struggle to win relief." According to him, the deal will give the nation "the required breathing space to make more progress." Nigeria, despite its status as a major oil producer, is considered as one of the poorest countries in the world, with more than 60 percent of its 140 million people surviving on less than a dollar per day. Its foreign debt amounts to $35 billion, over 90 percent of which accounts for its Paris Club obligations.
Sources:
Nigeria to get $18bn debt relief (BBC)
Nigeria Lauds Paris Club Debt Relief Plan (The Associated Press)
Paris Club agrees Nigeria debt deal in principle (Reuters)
