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• W1873093044 abstract "Abstract: With the return of civilian rule in 1999, Nigeria embarked on a relentless campaign for debt relief. As at December 2004, Nigeria’s external debt stood at US$35.94 billion. The unsustainability of the external debt necessitated President Olusegun Obasanjo’s quest for making debt relief a priority, upon assumption of office in May 1999. With President Obasanjo’s concerted efforts coupled with the ministry of finance, national assembly, debt management office, the economic management team, non-governmental organizations (NGOs) and other stakeholders, the credible implementation of the country’s National Economic Empowerment and Development Strategy (NEEDS) as well as security of an IDA only status for Nigeria, the creditors and multilateral financial institutions began to positively consider Nigeria for debt relief. The campaign for debt relief reached a climax in 2005, when the Great Britain, acting as chairperson of Group of Eight Industrialized Nations brought to fore the African debt issues. At their meeting on Wednesday, June 20, 2005 the Paris Club Creditors announced its decision to grant debt relief to Nigeria. By 2006, this determination of President Obasanjo to obtain debt relief came into manifestation, when Nigeria was granted debt relief by the Paris Club creditors under the “Naples” term. That is 60% debt cancellation on Paris club debt which led to the final exit of Paris Club debt of about $31bn, Nigeria then paid arrears which was about $6bn and then bought-back the remaining debt stock of about $7bn. Nigeria had virtually exited the debt owed the London Club Creditor countries on Thursday, 4th of April 2007, after it paid $82m in oil warrants (Faloseyi, 2007). While the Debt management office estimated Nigeria’s remaining external debt at about $3.035bn made up of $2.65bn multilateral agencies debt, $326m owed bilateral agencies and $101m of other commercial debt This paper attempt to analyse Nigeria’s foreign policy and the politics of External Debt Relief and its implication on national development.Key words:Debt Relief; Foreign Policy; Politics; National Development; Nigeria. Resume: Avec le retour du regime civil en 1999, le Nigeria a lance une campagne acharnee pour l’allegement de la dette. Au Decembre 2004, la dette exterieure du Nigeria s'est elevee a 35.94 milliards de US dollars. La non-durabilite de la dette exterieure a exige le president Olusegun Obasanjo de faire l’allegement de la dette une priorite du pays, lors de sa prise de fonctions en mai 1999. Grâce aux efforts concertes du President Obasanjo, couple avec le Ministere des finances, l’Assemblee nationale, le Bureau de gestion de la dette, l'equipe de gestion economique, les organisations non-gouvernementales (ONG) et d'autres intervenants, la mise en œuvre credible de la Strategie de renforcement de l’economie nationale et de developpement (SRED) ainsi que la securite d'un statut AID seulement pour le Nigeria, les creanciers et les institutions financieres multilaterales ont commence a envisager positivement l’allegement de la dette du Nigeria. La campagne pour l'allegement de la dette a atteint un point culminant en 2005, lorsque la Grande-Bretagne, en presidence du Groupe des huit nations industrialisees a mis l’accent sur la question de dette des pays africains. Lors de leur reunion le mercredi 20 Juin 2005, le Club de Paris a annonce sa decision d'accorder un allegement de la dette au Nigeria. En 2006, la decision du president Obasanjo d’obtenir un allegement de la dette est en marche, lorsque les creanciers du Club de Paris a accorde au Nigeria un allegement de la dette dans le cadre des Termes de Naples. C'est une annulation de 60% de la dette, ce qui a fait que la dette finale vis-a-vis du Club de Paris etait d’environ 31 milliards de dollars. Puis le Nigeria a paye des arrieres qui etait d'environ 6 milliards de dollars, et rachete le stock de la dette restante d'environ 7 milliards de dollars. Le Nigeria a pratiquement sorti de la dette des pays creanciers du Club de Londres le jeudi 4 avril 2007, apres avoir paye 82 millions de dollars en bons de petrole (Faloseyi, 2007). Bien que le bureau de gestion de la dette a estime la dette exterieure restante du Nigeria est d’environ 3.035 milliards de dollars, composee de 2.65 milliards de dollars de la dette des organismes multilateraux, 326 millions de dollars envers les organismes bilateraux et 101 millions de dollar d’autres dettes commerciales. Cet article tente d’analyser la politique etrangere et la politique de l’allegement de dette exterieure du Nigeria et ses implications sur le developpement national. Mots cles: Allegement de la dette; Politique etrangere; Politiques; Developpement national; Nigeria" @default.
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• W1873093044 date "2011-05-01" @default.
• W1873093044 modified "2023-09-24" @default.
• W1873093044 title "Nigeria Foreign Policy and the Politics of Debt Relief/POLITIQUE ÉTRANGÈRE ET POLITIQUE DE L'ALLÉGEMENT DE LA DETTE DU NIGERIA" @default.
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• W1873093044 doi "https://doi.org/10.3968/j.css.1923669720110702.022" @default.
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