Debt Relief for Nigeria

Working with Nigeria’s minister of finance Ngozi Okonjo-Iweala (now a member of the CGD board of directors and distinguished visiting fellow), CGD played a vital role in reducing Nigeria’s debt stock by $30 billion. The Center spearheaded initial efforts to change Nigeria’s classification within the World Bank, making the country eligible for a Paris Club debt buyback. Todd Moss, who led CGD’s efforts, then proposed a “discounted buyback” within the Paris Club. The final deal was the first from the Paris Club to include this type of buyback.