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Germany grants N8.8bn debt relief to Nigeria

Germany grants N8.8bn debt relief to Nigeria

The Germany Government has granted debt relief of N8.9bn (€22.4m) to Nigeria based on the harsh economic realities of COVID-19 pandemic.

Also, the German Government said it had 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.

The European economic powerhouse stated this in a statement on Tuesday.

A statement from the European country on Tuesday stated thatthe German treasury relieved Nigeria of debt repayments amounting to €22.4m (N8.9bn).

It also added that the country supports to the COVID-19 response on a global level and the support provided by the European Union to partner countries in Africa worth €3.25bn (N1.3trn).

“On April 27, Germany pledged €300m (N120bn) to the global humanitarian response plan launched by the United Nations to fight COVID-19,” the statement revealed.

In addition to these, Germany also said it has also pledged a total of €12m (N4.8bn) in additional support to the West Africa Health Organisation, the regional health institution of the ECOWAS. This fund is 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.

ALSO READ:World Bank, IMF seek urgent debt relief for Nigeria

“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,” German Foreign Minister, Heiko Maas, stated.

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