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Article: NIGERIA - The Economic Base.
- Article from:
- APS Review Downstream Trends
- Article date:
- August 1, 2005
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Nigeria, like other African debtor countries, is getting a major debt relief from rich creditor nations. This has resulted from a decision last month by creditor states following the Group of Eight industrial nations' summit conference in Scotland on July 8.
The Abuja government is setting up a monitoring system to make sure the $1 bn a year saved in the debt deal with its main bilateral creditors is kept for health, education, agriculture, power and water supply. Finance Minister Ngozi Okonjo-Iweala last month explained that the scheme was meant to answer concerns about potential misuse of funds from additional aid and debt relief for Africa, plans for which were ...