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Discussion Starter · #1 · (Edited)
Nigeria president announces Paris Club debt to be paid in full by Friday
By DULUE MBACHU
19 April 2006

ABUJA, Nigeria (AP) - President Olusegun Obasanjo announced that Nigeria would pay off its Paris Club debt by Friday, making Africa's most-populous nation the first on the continent to clear its books of the Western creditor's loans.

Nigeria had said earlier it would pay off its Paris Club arrears before the end of the week, and Obasanjo said the final transfer would be made Friday.

Information Minister Frank Nweke said clearing the debts would make Nigeria more attractive for foreign investment, in addition to allowing more spending on infrastructure and social welfare.

"That is one of the most important benefits of debt relief," he told The Associated Press in London.

Nigeria agreed terms with creditors in October to pay up debt-service arrears and to enact economic reforms approved by the International Monetary Fund in return for a combination of debt cancellation and buy-back options to free it of US$30 billion (€24 billion) in debt.

The IMF board confirmed the country's compliance on Monday, paving the way for Nigeria to make the last transfer.

Obasanjo told a Cabinet meeting that "by Friday, April 21, we would have cleared ourselves of all debts owed to the Paris Club," the presidency said in a statement.

On Friday, Nigeria stands to become the first country on the world's poorest continent to pay back all of its Paris Club debt -- but it will not have satisfied all its lenders.

Nigeria still owes US$3 billion (€2.4 billion) to multilateral agencies such as the World Bank and the African Development Bank, and US$2 billion (€1.6 billion) to commercial creditors, many of them also close to liquidation under separate terms.

Most of oil-rich Nigeria's debt came from loans taken in the early 1980s, as oil prices fell. In 1985, the total debt stood at US$19 billion (€15.4 billion).

At the end of 2004, it had ballooned to US$35 billion (€28.4 billion) with arrears and penalties piled up under a succession of corrupt military governments.

The Paris Club deal required Nigeria to pay about US$12.4 billion (€10 billion) in exchange for the cancellation of US$18 billion (€14.6 billion) in debt.

Associated Press Writer Donna Bryson contributed to this report from London.
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Yes and their financial position now makes it possible to pay for the operation and security of a games with half of what their interest charges were for their foreign debt. With Guiness beer now building a headquarters for africian operations in Nigeria. Dyna Corp. of Irving Texas building a 300 million dollar state of the art international airport that will service much of african aviation business with a maitenance facility. The message is very clear nigeria is a place to do business with.
 

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The Nigerian Economy grew by 10% last year and rapid growth is expected to continue. Also it will have 50 billion in external reserves at the end of this year. Major infrastructure projects are also underway.
 

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Theres no doubt they have a good chance, but so do Halifax and Glasgow. They all have good bids and are all warranted to be competative contenders.
 
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Discussion Starter · #5 · (Edited)
samsonyuen said:
Will they be able to upgrade infrastructure and build new institutions in Abuja that quickly?
Well I dont know how much infrastructure upgrade you have to do when you have a stadium like this with olympic preferred contractors like schuermann velodromes of germany. Abuja layed out the best for the 2003 All-African games so that biding on future events like Fifa world cup, the commonwealth games or the summer olympics had no excuses to deny them or any cost overuns in construction.
http://www.fussballtempel.net/caf/NGR/Abuja.html
Abuja is a highly planned city with a Japanese urban architects master plan starting from the ground breaking in 1976. They may put a roof over the practice track but really they just have to build a new athletes village and maintain the facilities until 2014. When you just happen to free up 1.5 billion a year on interest charges from this latest developement and the price of oil and gas will remain high because of increasing demand worldwide then they are in the drivers seat. 20 percent of what would be saved would pay for the games at todays prices for the games even with the construction that took place in Melbourne. Abuja does not need to upgrade a Melbourne Cricket Grounds ,build a Velodrome or Aquatics centre.It is all there with olympic preferrred contractors having supervised the building of the 2003 all-african games facilties. The track surface for the melbourne games was 20 million AU dollars alone and then it was torn out ANzac day rugby matches. The IAAF class A surface is there complete with proper base materials. In the case of melbourne those base materials were taken out for rugby and cricket turf to be put back in.
Mike Ferrell who is president of the commonwealth games federation stated in 2003 that he would like to see the games go to Africa. Mr. Ferrell himself is an IOC member from Jamaica and he saw first hand his own nation host the commonwealth games in 1966. Jacques Rogue the president of the IOC has stated the goal for the summer olympics to be in south america and africa.

With the asian-african voting block and the practically debt free nigeria biding on the games for halifax is really an efford that will only end up with 3 million more into an efford that will not win the games.

Nigeria has the entire deck of cards firmly in their hands we are left holding the joker.


Jim jones
 
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Discussion Starter · #6 · (Edited)
HaliGuy said:
Theres no doubt they have a good chance, but so do Halifax and Glasgow. They all have good bids and are all warranted to be competative contenders.
I would say Glasgow has a way better chance but really the Nigerians have this in the bag. we are just a spoiler and I am sure we will be embrassed when we have fewer votes then hamilton did in 2003.

If Halifax really wanted a commonwealth games the time passed over 3 decades ago to have a realistic master plan for sports facilites in the city. Every event like the Canada games in 1969 was a lost opportunity to build on what we had. With a good plan and choice of land that allowed for expansion it would have been possible to win the games for 1994 before the costs went nuts in kuala lumpar. Kuala Lumpar was an exercise in expressing the thought of "we are a world classed host of olympics proportions". That rasied the bar for everything after that and a victoria could not happen again as theirs was a largely temporary main stadium and many of the facilities not being of Kuala Lumpars level.
A stadium plan should have been centered around huskies stadium and then upgrade as demand warranted. That was the path in Knoxville,Tennessee with Neyland Stadium. Moncton has taken that cue on stadium development and will probably have the CFL franchise in the near future.

Stadium construction is expensive with a deadline. It is even more expensive with a 400 million dollar security bill, a 50 million dollar velodrome,a 60 million dollar aquatics centre and an athletes village to the tune of 60 million.
Moncton is avoiding the pitfalls of a multi sports event like the comonwealth games and cutting to the chase with a starter kit at 12,000 which can be expanded. That is how Neyland stadium started in 1921 and is now the largest college stadium in north american of a 100,000 plus seats. All the way Neyland was filled to capacity and the user paid not the community that was not involved in the stadium.

Jim jones
 
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Discussion Starter · #7 ·
You are to blame said:
The Nigerian Economy grew by 10% last year and rapid growth is expected to continue. Also it will have 50 billion in external reserves at the end of this year. Major infrastructure projects are also underway.
hey welcome to my trend "you are to blame"
Yes I find it ironic that you have a picture in the link of a convention hall in Abuja that was a banner advertizing the "commonwealth peoples meetings" I believe in december of 2003. that conference was attended by Jean Chretain and I am sure Paul Martin was there as well. Two months after the All-African Games they probably got an very good tour of Abuja's sports facilites.

That is why I have said all along Halifax has been lead down the garden path for votes in a federal election with a promise that Martin himself knew he would never have to keep because A. nigeria would win the biding and he knew the faciliteis first hand and B. his offer underfunded a Halifax bid to the point of looking stupid in the eyes of the other federation countries. Paul Martin was a no show at the same annual conference in Malta last year to the great destress of the member nations who questioned Canada's commitment to the commonwealth.

Jim Jones
 

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I still don't see why you're so fixated on this "asian-african voting block". You can't really assume that everyone's that racist.
 
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Discussion Starter · #9 ·
bluenoser said:
I still don't see why you're so fixated on this "asian-african voting block". You can't really assume that everyone's that racist.
there is no racism there at all. it is just a matter of supported each other in the developing world of to goals of hosting major games. a 46 to 22 vote in favour of New Delhi was certainly enough to raise that question and then you have the article with the president of the Indian IOC quoted as saying so much. Hamilton with one million dollars support per commonwealth territory could not defeat india with a mere $ 100.000 dollars per territory???? that screems that there is a voting block between the two continents. There is more interaction between the two continents then between the rest of the commonwealth.
http://www.rediff.com/sports/2004/jan/27inter.htm

With Abuja as the host in 2014 you would be going from the largest country for population in the entire commonwealth and the asian commonwealth in 2010 to the country with the largest population in Africa. You are also looking at two of the bright spots in the developing nations of the commonwealth.

Nigeria and the Africans will be paid back for the support via votes they gave New Delhi. I beleive Singapore entering the bid process in 2002 was a scare tactic to cut down the number of suitors from the old commonwealth allowing New Delhi a clear shot one on one with Hamilton when Singapore pullled out too late for anyone else to mount a bid. If singapore was to continue it would have been a no brainer because singapore is a turn key solution much like nigeria for the commonwealth games.

Racism is the view that some Nova Scotians have that Nigeria should not host the games in 2014 despite nigeria having a turn key solution. The games would not be "watered down" or "scaled back' as the Halifax committee would lead people here to believe they can in Halifax. With the Abuja and Glasgow bids you dont see any movement to water down the games.

The africans especially would be highly offended if it was awarded to Halifax with the situation of nothing but top notch world class facilties being turned down for second rate which Halifax is trying to say in comparsion to Abuja's.
bluenoser go thru You are to blames photo's and you will see some new pictures in abuja . There are pictures of the dome velodrome and the stadium.

jim jones
 

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bluenoser said:
I still don't see why you're so fixated on this "asian-african voting block". You can't really assume that everyone's that racist.
Thats true. We are all nations of the commonwealth and race or location should have very little to do with the voting. It should be based on who has the best bid.
 
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Discussion Starter · #11 ·
well wouldn t the best bid be who ponies up the biggest benefits to the nations taking part? Hamilton was 80 million in support to the commonwealth nations, new delhi was a mere 7.1 million and New Delhi won. Image that

Again who has had them more. it is very simple math

uk 5 times
canada 4 times
australia 4 times
new zealand 3 times
asia twice
Jamaica and the carribbean and the only majority black nation only once 40 years ago.

Africa I dont think will tolerate being denied with those type of facilities in light of a scaled down bid with halifax. I dont even think they would tolerate
Glasgow getting it in 2014 as that would be scotlands third time.

The nigerians were right to put forward it is an African Bid. They have a mutual agreement with south africa to not bid on the fifa world cup in 2010 which south africa was awarded in exchange for nigeria not having south africa to compete with in the 2007 biding for the CWG's

Jim jones
 
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Discussion Starter · #12 ·
Wishblade said:
Thats true. We are all nations of the commonwealth and race or location should have very little to do with the voting. It should be based on who has the best bid.
So with the games held 85 percent of the times in the white nations of Scotland,Wales,England,Canada,Australia and New Zealand compared to
10 percent in Asia and 5 percent in the carribbean does not seem like racism to you???

The white nations combined populations dont even add up to Nigeria's population.
Who is being unfair here with a 76 year track record to look back on.

Jim jones
 

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Thats because they obviously had more money and better infrastructure thus having the better bid. Not to sound racist, but primarily white nations also seem to be among the richest.
 

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^well yeah. it's because they stole everything from the non-primarily white nations.

Please don't twist my words around like that. I never said that Abuja doesn't deserve to win, all I said was that it's not fair or reasonable to assume that none of the African or Asian countries will vote for anyone other than Nigeria just because they're not white. One of the main reasons that so many countries voted for Delhi was because they were financially bribed to.

Let me get this straight... the Commonwealth Games would be a huge waste of money for Halifax, a city in a country that is very politically and fairly economically stable, but would be a huge gain for Abuja, which is in a fragile country. Abuja has a brand new stadium and velodrome. What would they be gaining from the games? Halifax has neither. How would Abuja's benefits so greatly outweigh Halifax's? Again I am not saying that Abuja doesn't deserve to win, just that I can't see why the games would be a blessing for them but a disaster for us.
 
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Discussion Starter · #15 · (Edited)
what would be gained for Nigeria? Creditability and a change in attitude towards that country and the african continent as a whole.Building stadiums and sports infrastructure for a little city like Halifax is not a mandate of a commonwealth games federation.If that is the mandate then explain victoria to me. A four thousand seat grandstand is what remains of the main stadium for those games a mere 12 years ago. Why does peter kelly want them ?? for a stadium for a CFL franchise ??? No he wants to build a monument to himself like most public officials do. That is very jean drapeau of him . Sewers are not sexy or anything you can point out to your granchildren and brag "look what grandpa did". Sewers are needed not stadiums for people to live in the city.with a 600 million dollar estimate of the cost for new sewers that are needed in the city the mayor has to have his priorities straight. It is ironic that montreal faced the very same problem with funding the water system and the olympics at the same time in 1976. Like Montreal we face Irish Twins that cost 100's of millions of dollars going towards billions. Irish twins are babies born in the same year from the same mother. Peter Kelly with the CWG's and sewer issue looks very preganant to the public.

What you are suggesting is I am suggesting that the asians and africans are racists. I am not saying you are a racist or anyone is racist. I am saying that anyone who is not educated to what is in abuja and then takes the stereotypical view of africans being backwards or living in grass huts is a racist. The awarding of CWG's to white nations 85 percent of the time that looks very racist ni the eyes of the majority of the commonwealth nations who are populated by non whites. And like the neive thoughts that africans and asians are not working together for their goals in this part of international trade are just that NEIVE. Even with my recent travels to the west african nation of senegal inwhich I saw a crew of 100 men tearing apart a concrete building with ball pen hammers I still had the stereotypical thinking like most westerners when i heard Abuja, Nigeria was biding on the games. The commonwealth games awarding up until the 1998 has tended to be in white nations. With the overwhelming amount of nations in the commonwealth being non-white with the exception of Kingston Jamaica in 1966.

If you want to know who is racist ask Kirt Johnson from From Preston in the HRM. I am sure he will be able to endorse that the fine men and women of the HRM Police department that blacks from africa will not be harassed in 2014.
jim jones
 
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Discussion Starter · #16 ·
bluenoser said:
^well yeah. it's because they stole everything from the non-primarily white nations.

Please don't twist my words around like that. I never said that Abuja doesn't deserve to win, all I said was that it's not fair or reasonable to assume that none of the African or Asian countries will vote for anyone other than Nigeria just because they're not white. One of the main reasons that so many countries voted for Delhi was because they were financially bribed to.

Let me get this straight... the Commonwealth Games would be a huge waste of money for Halifax, a city in a country that is very politically and fairly economically stable, but would be a huge gain for Abuja, which is in a fragile country. Abuja has a brand new stadium and velodrome. What would they be gaining from the games? Halifax has neither. How would Abuja's benefits so greatly outweigh Halifax's? Again I am not saying that Abuja doesn't deserve to win, just that I can't see why the games would be a blessing for them but a disaster for us.

well as far as a disaster and a blessing goes. Nigeria has the facilities and finances to easily do this . Being cleared of debt and having 38 billion in foreign fund reserves does not spell fragile country to anyone who knows finances.Their objective with their foriegn reseves is to increase that to 50 billion by years end. With a growth rate of 8.6 percent last quarter for nigeria that is about double of any north american state, province or territory. It isnt from internal spending. it is from external investment. The growth is at a level equal to singapore with nigerias oil exports are only down by 25 percent because of local security problems. Between iran and nigeria a 75 us dollar a barrel premium is placed on their exports. The price of a barrel of oil will not go bellow 65 dollars any time soon as china's demand is going to double in the next ten years. It is the increasing demand for energy resources from china and india that is fueling the external investment in nigeria.
I bet general motors and ford would like to have some of that type of action in light of their negative balance sheets this quarter.

We are about 300 million in debt in the city , about 13 billion for the province.
and the games will cost 2 to 3 billion dollars dont kid yourself.
People dont seem to be able to do simple math at all or understand how european sports bodies control a commonwealth games and then proceed to try to pack as much of our treasury they can into a suit case to take home to europe.

Submarines or Commonwealth games these two lemons come from the same place Great Britian.

with Nigeria they were wise enough to avoid this by building the best with olympic contractors first for their all african games in 2003. Then they have the ability to bid and win anything without europeans blackmailing them over facility quality with an inpending deadline.

That is the only way to bid on an olympics or commonwealth games to ensure that part of the package does not spiral out of control and way over budget.
Doha in UEA have done the same along with Pusan in Korea at possibility of hosting summer games.

If you really think Nigeria is such a fragile country you would not want to talk to mattinas because he had the renderings and announcements of all of africa in his trends . Dyna Corp. think nigeria is a good investment with 300 million american dollars for an interntional airport. Wal mart is going in, Mark and Spencers, Harrods, A who's who of international business dont seem to have your view of nigeria.


jim jones
 
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Discussion Starter · #17 ·
bluenoser said:
^well yeah. it's because they stole everything from the non-primarily white nations.

Please don't twist my words around like that. I never said that Abuja doesn't deserve to win, all I said was that it's not fair or reasonable to assume that none of the African or Asian countries will vote for anyone other than Nigeria just because they're not white. One of the main reasons that so many countries voted for Delhi was because they were financially bribed to.

Let me get this straight... the Commonwealth Games would be a huge waste of money for Halifax, a city in a country that is very politically and fairly economically stable, but would be a huge gain for Abuja, which is in a fragile country. Abuja has a brand new stadium and velodrome. What would they be gaining from the games? Halifax has neither. How would Abuja's benefits so greatly outweigh Halifax's? Again I am not saying that Abuja doesn't deserve to win, just that I can't see why the games would be a blessing for them but a disaster for us.
Hamiltons bribe package was 10 times bigger then New Dehli's . So there is an asian -african block. a million dollars per country you would think would buy the votes for Hamilton. Do we really need to bribe people to the tune of 80 million taxpayer dollars to have a games with no commercial value????

Jim jones
 
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