According to Okonjo-Iweala, Nigeria faced significant scepticism during the negotiations, with many creditor nations initially reluctant to grant debt relief. However, the government remained committed to implementing reforms that demonstrated its ability to manage public finances responsibly and sustain economic growth.
A Landmark Economic Achievement
The Paris Club agreement resulted in the cancellation of approximately $18 billion of Nigeria’s external debt, while the country paid off the remaining balance, bringing an end to decades of debt obligations that had placed significant pressure on public finances.
Okonjo-Iweala explained that the negotiations required extensive engagement with international financial institutions, creditor…