Under an agreement reached last June, nations belonging to the Paris Club of creditors wrote off $18 billion they were owed by Nigeria, which is using windfall earnings from high oil prices to pay off $12.4 billion in arrears and debts.
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Nigeria is the world's eighth biggest exporter of crude oil and its earnings have soared thanks to high prices on world markets, allowing it to build up $36 billion of foreign reserves.
But it is also one of the world's poorest countries, with the majority of its 140 million inhabitants getting by on less than $1 a day.
Sunday, April 23, 2006
Nigeria clears its foreign debt
This as of Friday, April 21, from Reuters (emphasis mine):
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