AU canvasses debt relief for Nigeria

The African Union Economic, Social and Cultural Council, Nigeria office has enjoined Nigeria’s bilateral creditors – China, Japan, India and France – to either write off the country’s debt or offer it a two-year repayment holiday.

Oba Olasunkanmi, the AU agency’s Nigeria representative, said in a statement in Abuja on Thursday that the countries, being major lenders, should grant Nigeria forbearance to allow the country enough fiscal room to fight the coronavirus pandemic.

“Certainly, this will further assist the benefiting countries to significantly cushion the impact of the dreaded disease on their economies.

Read also: NSE: Market capitalisation gains N191.134bn amidst lower trade volume

“Nigeria, at this time, needs support to enable it recover from the financial impact,” the statement read in part.

The AU acknowledged the difficulty Nigeria would face in servicing debt while also combating the economic crisis triggered by COVID-19.

“The United Nations had projected that the world would need $1 trillion for continual existence,” it said.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now