Nigeria Pays Off Its Big Debt, Sign of an Economic Rebound - NYTimes.com - 0 views
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Nigeria reached a deal last October with the Paris Club, which includes the United States, Germany, France and other wealthy nations, that allowed it to pay off about $30 billion in accumulated debt for about $12 billion, an overall discount of about 60 percent.
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Nigeria, which owed about $36 billion in overall debt, is one of the most indebted nations in the world.
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Yet Nigeria had not been among the nations that have received write-offs or discounts on their debts, as several poor countries have. In part that is because of its reputation for corruption, earned by a succession of military governments that plundered the state treasury, and because Nigeria, with its oil wealth, is seen as being able to pay.
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