Report on Interest

Germany writes off Nigeria’s N8.9bn debt over coronavirus outbreak

By News Desk

Worried by the socio-economic impact coronavirus has had on the Nigerian economy, the Germany Government has written off debt amounting to N8.9 billion (€22.4 million) for the country.

After granting Nigeria debt relief, the German Government went further to campaign among the G20 group of countries and the Paris Club group of creditor countries, appealing that a debt moratorium be granted to countries that have suffered severe economic setbacks due to COVID-19.

In a statement made available to newsmen by European economic powerhouse in Abuja on Tuesday, the German government pledged a total of €12 million (N4.8bn) in additional support to the West Africa Health Organisation, the regional health institution of the ECOWAS.

The German Foreign Minister, Heiko Maas, said: “In 2020, the German treasury relieves Nigeria of debt repayments amounting to €22.4 million (N8.9bn). This comes in addition to Germany’s support to the COVID-19 response on a global level and the support provided by the European Union to partner countries in Africa worth €3.25 billion (N1.3 trillion).

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

The new allocation, Berlin said, is earmarked 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.

“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”.

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