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Nigeria makes final payment in debt relief program

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Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-22-06 02:51 AM
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Nigeria makes final payment in debt relief program
Nigeria makes final payment in debt relief program

ABUJA, Nigeria (Reuters) -- Nigeria ordered a final debt repayment to rich lending nations on Friday, completing Africa's biggest debt relief deal that will free up billions of dollars in coming years to fight poverty.
(snip)

On Friday, Nigeria's central bank arranged for a final installment of $4.5 billion to be transferred to creditors' accounts, the head of the Debt Management Office (DMO) said.
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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.
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http://www.cnn.com/2006/WORLD/africa/04/21/Nigeria.debt.reut/index.html
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