In November 2005, during the tenure of Dr. Ngozi Okonjo-Iweala as Nigeria's Minister of Finance, the Nigerian government "won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments ...". This discharged "...$30 billion of Nigeria's total $37 billion external debt."

In April 2006, Nigeria became the first African country to fully pay off its debt (estimated $30 billion) owed to the Paris Club."Nigeria settles Paris Club debt". BBC. 2006-04-21.