Under the agreement signed in Nigeria'a capital Abuja on Thursday, Belgium allowed Nigeria 18 years, including a three-year moratorium, at a fixed interest rate of 5,3% a year, to pay the debt, they said.
Finance Minister Ngozi Okonjo-Iweala signed on behalf of Nigeria while Belgian Ambassador to Nigeria Josef Smets signed for his country.
Okonjo-Iweala told reporters the rescheduling was the fourth and concluding bilateral debt rescheduling agreement between the two countries.
She said Nigeria will continue to make efforts to reduce its some $31-billion of foreign debts, the bulk of which is owed to the Paris Club, an informal group of official creditors whose role is to find co-ordinated and sustainable solutions to the payment difficulties experienced by debtor nations.
"I seize this opportunity to reaffirm Nigeria's commitment to the implementation of the agreement and in working towards a reduction in its external debt burden through discussions and negotiations with creditor partners," she added.
Nigeria signed a debt rescheduling agreement with 15-member countries of the Paris Club in December 2000.
Under the agreement, the west African country has reached agreement to reschedule with eight countries, including $2,8-billion debt to Germany, $316,9-million owed to Austria and $122,18-million to Switzerland. – Sapa-AFP.
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