NIGERIA, BRITAIN TO RESCHEDULE OFFICIAL DEBT
Nigeria and Britain signed an agreement
to reschedule Nigeria's official debts in the first of an
expected series of such talks, government sources said.
    The agreement was signed by Nigerian Finance Minister Chu
Okongwu and the Export Credits Guarantee Department's (ECGD)
chief executive Jack Gill.
    The Nigerians will go on to Paris for similar bilateral
talks tomorrow with Coface, the French export credit agency.
    Today's agreement follows an agreement between Nigeria and
the Paris Club of western creditor governments in December to
reschedule some 7.5 billion dlrs of official debt.
    The Paris Club agreement was for a rescheduling of the 7.5
billion dlrs of medium and long-term debt due between September
1986 and end 1987 over 10 years with five years grace.
    But as with all Paris Club pacts, specific interest rates
and other details have to be negotiated on a bi-lateral basis
with the countries involved. None of the details contained in
today's negotiations was immediately available.
    The Nigerians are hoping that further bilateral accords can
be struck fairly soon as this could encourage official export
credit agencies to renew insurance cover for exports to
Nigeria.
    The ECGD suspended its cover for exports to Nigeria in
1983. Despite the success of the talks over the past two days,
govenment sources said there had not been any discussions on
new credits.
    Nigeria is due to receive 900 mln dlrs in fresh export
credits this year from official agencies under a structrual
adjustment program drawn up by Nigeria and the World Bank to
support a rescheduling of part of the country's 19 billion dlr
foreign debt.
    But these credits cannot be approved until the export
credit agencies agree to resume insuring the debts.
 REUTER
