Japan reschedules Nigeria’s $3.6b debt
By
Sep 20, 2003, 16:12

Japan on Friday 19 September rescheduled Nigeria’s $3.587 billion debt on repayment terms, which are more favourable than those signed between Nigeria and other Paris Club members.

Nigeria will now repay the debt in 18 years but would enjoy a moratorium of three years while the debt attracts an interest rate of between 2.6 and 2.9 percent per annum.

The agreement was signed in Abuja by the Minister of State for Finance, Mrs. Esther Usman, on behalf of Nigeria while the Japanese ambassador to Nigeria, Mr. Akira Matsui, signed for his country.

Yesterday’s agreement was the fourth bilateral debt rescheduling agreement between the two countries and the eleventh rescheduling agreement in a series of similar agreements between Nigeria and the Paris Club members since both parties agreed in December 2000 to individually renegotiate their debts.

Mrs Usman said Nigeria was committed to the terms of the agreement and thanked the Japanese government for its understanding.

She appealed to the ambassador to assist in ensuring the restoration of insurance cover by both the Japan Bank of International Cooperation (JBIC) for Nigerian imports from Japan, particularly those by the Nigerian private sector.

The minister affirmed Nigeria’s commitment to the implementation of all the bilateral agreements so far signed and in working towards a reduction in Nigeria’s external debt burden through negotiations with our creditors.

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