Nigeria's $30bn Paris Club Debt Relief Strategy Revealed

Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation, shared insights on how Nigeria secured a $30 billion debt relief from the Paris Club during former President Olusegun Obasanjo's administration. Speaking in Abuja at the launch of Paul Nwabuikwu's book, she reflected on her tenure as Minister of Finance, where she was tasked with restoring Nigeria's public finances.

Okonjo-Iweala noted that a key element in achieving this debt relief was a deliberate communication strategy, which led her to recruit communications expert Paul Nwabuikwu into the economic team. She praised Nwabuikwu's skills in effectively conveying complex economic policies to the public, stating that the success of the reform agenda hinged on building trust and understanding among Nigerians.

Okonjo-Iweala also expressed concern over Nigeria's ethnic and regional divisions, asserting that a unified national consensus is essential for sustainable development.