OKONJO-IWEALA EXPLAINS HOW NIGERIA SECURED $30BN PARIS CLUB DEBT RELIEF

World Trade Organization (WTO) Director-General and former Minister of Finance, Ngozi Okonjo-Iweala, has recounted how Nigeria successfully secured $30 billion in debt relief from the Paris Club, describing it as one of the country's most significant economic achievements.

Okonjo-Iweala said the breakthrough was the result of years of economic reforms, disciplined fiscal management, and sustained negotiations with international creditors. She noted that Nigeria's commitment to improving transparency, strengthening public financial management, and implementing macroeconomic reforms helped build confidence among its development partners.

According to her, the negotiations required strong political will, strategic diplomacy, and collaboration between the Nigerian government and international financial institutions to reach an agreement that significantly reduced the country's external debt burden.

She explained that the debt relief created fiscal space for the government to redirect resources toward critical sectors such as infrastructure, education, healthcare, and poverty reduction instead of servicing unsustainable debt.

Economic analysts described the Paris Club agreement as a landmark moment in Nigeria's economic history, noting that it improved the country's credit profile, strengthened investor confidence, and laid the foundation for broader economic reforms.

Okonjo-Iweala urged policymakers to continue pursuing prudent fiscal management, transparency, and sustainable borrowing practices to ensure that Nigeria maintains long-term economic stability and avoids excessive debt accumulation in the future.