28 Pages Posted: 21 Jan 2008
The cancellation of the Nigerian debt by the Paris Club of creditors promises a great relief to the country. The cancellation came in the wake of a well articulated reform blue print, yet it is all too obvious that the reforms needs to be further consolidated just as international lending practices must change and adopt less predatory tendencies. The Nigerian example makes a case for home-grown reforms rather than the top down measures of the world's key lending institutions that has often led to severe and adverse economic situation for the populace. Both the debtors and creditors have obvious challenges in containing the debt crisis, but the Nigerian example can show the way forward in Thirdworld debt management.
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