NEW WORLD BANK MANAGING DIRECTOR Okonjo-Iweala IS A NIGERIAN

Nigeria settles Paris Club debt

Nigeria has paid off its multi- billion dollar Paris Club debt, becoming the first African nation to settle with its official lenders. The move may clear the way for greater government spending on infrastructure, healthcare and education, and is hoped will prompt greater foreign investment.

Nigeria has undertaken a programme of economic reforms and the oil exporter has been helped by record crude prices.
The Paris Club is a group of 19 lenders including the UK, Russia, and Germany. "The central bank has converted the currencies in advance so it's procedural now," Mansur Muhtar, director general of Nigeria's Debt Management Office, told Reuters.

"All the necessary instructions have been sent."
After the $4.6bn payment, Nigeria still will owe about $5bn to other lenders, including the World Bank and the private sector.
Nigeria is one of the world's biggest oil exporters, but it is also one of the world's poorest countries, with the majority of the population living on less than $1 per day. The government is now benefiting from high oil prices, despite production problems and unrest in the Niger Delta region.

During the years of military dictatorship, little of Nigeria's oil wealth reached the average person. The current government is seeking the recovery of billions of dollars put away in Swiss bank accounts by General Abacha.

Long history

The country's debts date back to the early 1980s, and had ballooned to more than $35bn due to penalties and late fees during the 1990s.

NIGERIA'S ECONOMY

GDP: $76.4bn
GDP per person: $390
Below poverty line: 60%
Life expectancy: 47
Oil revenues: 20% of GDP
Foreign debts: $35bn
Currency reserves: $34bn

Last year the country agreed to a repayment plan that was a mix of cash and debt relief, backed by the country's burgeoning oil revenues. Nigeria agreed to pay the Paris Club $12.4bn (£8.2bn) in exchange for the remainder of its $30bn official debts being written off. Nigeria's plan to pay off its debt and restructure its economy was approved by the International Monetary Fund (IMF) earlier this week.

The debt repayment is a key part of the economic reform plan of President Olusegun Obasanjo, who is also planning a string of privatisations, tax reform, and greater transparency in order to boost the economy and attract foreign investors.
Nigeria has already been removed from an international credit blacklist, and now has credit ratings similar to other emerging market countries such as Turkey and Ukraine. That means the government is now able to borrow money on international capital markets on favourable terms.

Different from HIPC

Nigeria has followed a different path from other African countries who have been burdened with debt.
It was not included in the list of highly indebted poor countries (HIPC) that were eligible for 100% debt relief from official lenders, the IMF, and the World Bank, due to its oil wealth. However, those countries have been subject to stringent conditions and long delays before they qualified for debt relief.
Nigeria has been able to negotiate its own debt deal at its own pace because it has the funds to partially pay off its creditors, who were happy to accept a smaller overall payment in return for cash upfront.

Your comments

It is good news, Nigeria is now off the hook of the Paris Club. This is a wonderful achievement no doubt by the Obasanjo administration. The fear is that we only hope and pray that subsequent administrations after this do not take this as leeway and open cheque to start borrowing indiscriminately and re-submerge the country into another crippling debt.

Ibedin Aaron, Lagos, Nigeria

For the first time I am proud to be a Nigerian, as the current government has made great strides in the improvement of the Nigerian nation and its people in economical, social and politically. The Obasanjo administration should be applauded for the economic reforms, transparency and anti corruption measures. More needs to be done as we are not there yet.

Jerry Etareri, London England

It is high time the international community recognised what Nigeria has done to re-position its economic status and invest well in the country. Nigeria has a large population and it will be any investor's dream to have the Nigerian market. We sure have come a long way!
Josiah Zubairu, Nigeria/USA

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Soma hapa

Kwa hiyo madeni siyo yalifutwa bali waliweza kupunguziwa riba na kulipa deni.

mbona Dr.Basil Mramba amefanya kazi kubwa tu. Ameteremsha inflation, amewezesha kufutiwa madeni, etc etc. Mbona sijasikia akipewa sifa kama za Dr.Ngozi?

Dua,Shukran kwa masahihisho ya post yangu iliyoeleza kuwa Nigeria "walifutiwa" Madeni yao.Ukweli wa mambo ni kwamba "walilipa" Kama inavyoonyeshwa ktk post yako.Naomba lawama zote kuhusu post hiyo zielekezwe kwangu, sioni sababu ya kumuandama Game Theory kwamba alete datas kuthibitisha ukweli wa Maandiko hayo.Niliyeandika ni Mimi na si GT.Naomba tuwiane radhi kama kuna usumbufu wowote niliyosababisha kwa kuweka post hiyo!,na tuendelee kusahihishana popote panapoonekana pana utata.

Mwawado said:

Dua,Shukran kwa masahihisho ya post yangu iliyoeleza kuwa Nigeria "walifutiwa" Madeni yao.Ukweli wa mambo ni kwamba "walilipa" Kama inavyoonyeshwa ktk post yako.Naomba lawama zote kuhusu post hiyo zielekezwe kwangu, sioni sababu ya kumuandama Game Theory kwamba alete datas kuthibitisha ukweli wa Maandiko hayo.Niliyeandika ni Mimi na si GT.Naomba tuwiane radhi kama kuna usumbufu wowote niliyosababisha kwa kuweka post hiyo!,na tuendelee kusahihishana popote panapoonekana pana utata.

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Mwawado nashukuru kwa kuja. Mimi kusema ukweli nililiona hilo lakini sikutaka kubishana na magazeti na nikatoa source ambayo ina info zote kuhusu Nigeria kule WB

Once again nakupa respect kwa kuja na kuweka mamabo sawa

Much props bro

Huyu mama kiboko, CV yake imenihehusha; pia amesoma vyuo vyenye akili vyote. Kwa kweli bi kudos kwake sana tu na kwa wanawake wa bara hili pia. Safi sana!

GAME THEORY said:

Mwawado nashukuru kwa kuja. Mimi kusema ukweli nililiona hilo lakini sikutaka kubishana na magazeti na nikatoa source ambayo ina info zote kuhusu Nigeria kule WB

Once again nakupa respect kwa kuja na kuweka mamabo sawa

Much props bro

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Hukuona lolote u-pimbi wako tu. Kazi ku-paste malink bomu.

Dua said:

Hukuona lolote u-pimbi wako tu. Kazi ku-past malink bomu.

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Duh, hii ni sawa kweli?! Naona haijatulia!!

wenzetu Nigeria inaonekana wana benefit from high oil prices,jee sisi vipi na gold yetu ambayo price sasa is almost all time high...ni nimeona one requirement ni all foreign companies lazima waonyeshe how much they pay the government (publicly) nafikiri hii ni nzuri tukicopy ili tujue Buzwagi,Kempisk,Geita etc wanatulipa nini kila mwaka sio nyimbo tuu za uwekezaji

Dua said:

Hukuona lolote u-pimbi wako tu. Kazi ku-past malink bomu.

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Hukuona lolote u-pimbi wako tu. Kazi ku-past malink bomu.

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Mkuu Dua,

Heshima mbele mkuu, hii ni below the belt mkuu wewe na mkuu Theory, ni wachambuzi wakali sana hapa forum, na mnaheshimika sana, na binafsi siielewi vizuri hiii topic ndio maana sijaichangia,

lakini nilipoiona nilidhani na bado ninaamini kuwa ni topic bomba sana na kwamba Theory, amejitahidi sana ku-paste huko na kutuletea hapa forum, maana tusingemjua huyu mama vizuri,

Kwa hiyo mkuu kwa maoni yangu, hapo umechezea rafu mkuu Theory, yaani below the belt, unless kuna something sijui! tukubali kutokubaliana kama Zitto na Karamagi, lakini tuendelee kuheshimiana wakuuu!

Game Theory

ha ha ha haaaaa haaaaaaaaaaaaaa...............................Mimi nilifikiri ungeweka picha ya pimbi kumbe umeweka picha yako nini?

Field Marshall ES said:

Mkuu Dua,

Heshima mbele mkuu, hii ni below the belt mkuu wewe na mkuu Theory, ni wachambuzi wakali sana hapa forum, na mnaheshimika sana, na binafsi siielewi vizuri hiii topic ndio maana sijaichangia,

lakini nilipoiona nilidhani na bado ninaamini kuwa ni topic bomba sana na kwamba Theory, amejitahidi sana ku-paste huko na kutuletea hapa forum, maana tusingemjua huyu mama vizuri,

Kwa hiyo mkuu kwa maoni yangu, hapo umechezea rafu mkuu Theory, yaani below the belt, unless kuna something sijui! tukubali kutokubaliana kama Zitto na Karamagi, lakini tuendelee kuheshimiana wakuuu!

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Heshima mbele Mkuu

Ukisoma vizuri kuanzia mwanzo utaelewa jinsi majibu ya kifedhuli yanavyoweza kujibiwa hapa (kumkoma nyani giladi). Hoja hujibiwa kwa hoja kama Mzee Mwanakijiji anavyosema kila wakati. Lakini hoja nzito kama hii ikikushinda na baadaye ikidhihirika usianze kutoa baseless lawama na kuikejeli JF ambayo umeingia kwa hiari yako mwenyewe. Tupo hapa kutetea maslahi ya WTZ wengi ambao wengine hawana uwezo huo na Mafisadi wanataka kutumia kila mwanya kupindisha hoja za msingi ambazo zinawekwa hapa kila uchwao.

Sidhani kama kuna JF member hapa ambaye yeye ni gazeti? Au kuna mwana forum yoyote ambaye mawazo yake hayahitajiki, kila wazo ni la muhimu na wazo lolote linawakilisha WTZ wengi ambao hawaandiki. Hakuna sababu ya kukejeli JF na members wote bila sababu zozote za msingi. NATUMAINI UMENIELEWA THANKS.

Tuendelee kumkoma huyu nyani kabla hajaanza kupanda kwenye miti.

Kitila Mkumbo said:

Huyu mama kiboko, CV yake imenihehusha; pia amesoma vyuo vyenye akili vyote.

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Kitila,
Waswahili wana msemo wao ati ngombe wa maskini hazai. Tanzania tulipata kuwa na waziri wa fedha,Dr.Malima, mwenye elimu kama ya huyo Mama, lakini sisi tukaishia kufungiwa misaada na wafadhili.

Dr.Kighoma Ali Malima alisoma BA.Econ Williams & Mary, Masters akachukua Yale, na PhD akapata toka Princeton.

Mwawado said:

Mama huyo ni Member kwenye MO-Ibrahim Foundation na US Federal Reserve.

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Mwawado,
Maelezo yako kuhusu Dr.Ngozi na US Federal Reserve sijayaelewa kidogo. Je, ulimaanisha member wa board of governors of US Federal Reserve?

Nafasi hiyo naamini mhusika hupendekezwa na Raisi wa USA na kuthibitishwa na Senate. Board members wa US Fed Reserve huteuliwa kutumikia kipindi cha miaka 14??!

Sasa ukiangalia hiyo ni nafasi NYETI na NZITO kwelikweli ktk sekta ya fedha ya USA. Ikitakuwa vizuri kama ukitupatia ufafanuzi na maelezo ya ziada ktk suala hili.

Mwawado,
Maelezo yako kuhusu Dr.Ngozi na US Federal Reserve sijayaelewa kidogo. Je, ulimaanisha member wa board of governors of US Federal Reserve?

Nafasi hiyo naamini mhusika hupendekezwa na Raisi wa USA na kuthibitishwa na Senate. Board members wa US Fed Reserve huteuliwa kutumikia kipindi cha miaka 14??!

Sasa ukiangalia hiyo ni nafasi NYETI na NZITO kwelikweli ktk sekta ya fedha ya USA. Ikitakuwa vizuri kama ukitupatia ufafanuzi na maelezo ya ziada ktk suala hili.[/QUOTE]

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Kaka Joka kuu,Ni kweli kwamba Governors wa Fed Reserve ni nafasi nyeti na Muhimu kwenye Taasisi ya pesa USA.Na kwa sheria za Fed nafasi hizo huwa kwa Wamarekani 7 na huwa hapo kwa muda wa miaka 14 baada ya kuthibitishwa na Senate,hivi sasa 2007 wapo (Board Members),Governors 5 wakiongozwa na Ben.S Bernanke.

Kwa ufahamu wangu Mama Ngozi alikuwa ktk Board hiyo kitengo kinachoitwa FOMC (Federal Open Market committee),alikuwa anaingia kwenye Board hiyo kama Mkuu wa kitengo kilichoitwa Globalization,Macroeconomic performance & Monetary Policy,hakuingia humo kama Governor au Bank President bali alikuwa Mkuu wa kitengo.Kuwa ktk Board ya FOMC hakuhitaji Uthibitisho wa Senate.(Pitia Muundo wa Federal Reserve)

Katika FOMC pia kulikuwa na Waafghani wawili ambao ni Prof.Anwar na Dr.Ashraf Ghani ambao wote kwa wakati tofauti wamewahi kufanya kazi World Bank.

edited,

double post

Mwawado said:

Kaka Joka kuu,Ni kweli kwamba Governors wa Fed Reserve ni nafasi nyeti na Muhimu kwenye Taasisi ya pesa USA.Na kwa sheria za Fed nafasi hizo huwa kwa Wamarekani 7 na huwa hapo kwa muda wa miaka 14 baada ya kuthibitishwa na Senate,hivi sasa 2007 wapo (Board Members),Governors 5 wakiongozwa na Ben.S Bernanke.

Kwa ufahamu wangu Mama Ngozi alikuwa ktk Board hiyo kitengo kinachoitwa FOMC (Federal Open Market committee),alikuwa anaingia kwenye Board hiyo kama Mkuu wa kitengo kilichoitwa Globalization,Macroeconomic performance & Monetary Policy,hakuingia humo kama Governor au Bank President bali alikuwa Mkuu wa kitengo.Kuwa ktk Board ya FOMC hakuhitaji Uthibitisho wa Senate.(Pitia Muundo wa Federal Reserve)

Katika FOMC pia kulikuwa na Wapakistani wawili ambao ni Prof.Anwar na Dr.Ashraf Ghani ambao wote kwa wakati tofauti wamewahi kufanya kazi World Bank.

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MWAWADO

sina la zaidi

Mwawado,
...asante sana...!!