Home Business Germany writes off Nigeria’s N8.9 billion debt

Germany writes off Nigeria’s N8.9 billion debt

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Germany on Tuesday in Abuja disclosed that it has granted Nigeria debt relief amounting to N8.9 billion (€22.4 million) due to the coronavirus pandemic.
The German government also disclosed that it has successfully campaigned in the G20 group of countries and the Paris Club group of creditor countries in favour of a debt moratorium for countries heavily affected by the economic impact of COVID-19.
“In 2020, the German treasury relieves Nigeria of debt repayments amounting to €22.4 million (N8.9bn). This comes in addition to Germany’s support to the COVID-19 response on a global level and the support provided by the European Union to partner countries in Africa worth €3.25 billion (N1.3 trillion).
“On April 27, Germany pledged €300 million (N120bn) to the global humanitarian response plan launched by the United Nations to fight COVID-19,” it noted.
It also revealed that it has pledged a total of €12 million (N4.8bn) in additional support to the West Africa Health Organisation, the regional health institution of the ECOWAS.
According to German Foreign Minister, Heiko Maas, the new allocation is earmarked for the purchase of vital medical supplies and laboratory equipment, training measures, and more generally, cooperation in pandemic prevention at the national and regional levels.
“Clearly, the current crisis goes beyond national and even continental borders and can only be fought effectively in a cooperative way. We need more international cooperation, not less,” Maas said.

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