April 28, 2020

Nigeria gets N8.9bn German’s debt relief

Germany's Merkel gives support for talks with Taliban

German Chancellor, Angela Merkel

German Chancellor, Angela Merkel

The German government on Tuesday granted Nigeria a debt relief of N8.9 billion (€22.4 million) due to the COVID-19 pandemic in the country.

The European giants said in a statement in Abuja it has successfully campaigned in the G20 and the Paris Club group of creditor countries in favour of a debt moratorium for countries heavily affected by the economic impact of COVID-19.

It 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.”

Germany said it has also pledged a total of €12 million (N4.8bn) in additional support to the West Africa Health Organisation, the regional health institution of the Economic Community of West African States (ECOWAS).

The German Foreign Minister, Heiko Maas, said the new allocation 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,” Mass said.