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European Union officials have expressed their satisfaction at the recent settlement by the government of its arrears on European Investment Bank loans, an EU news release said on Thursday.
The payments of the dues, it said, will now make it possible to "restart the bank's cooperation with Nigeria in long-term lending to the public and private sectors in support of productive income generating investments." It will also help to implement projects for which some US$430 million have been earmarked under the European Development Fund, the EU said.
The EU suspended aid to Nigeria in 1995 over its poor human rights record during General Sani Abacha's regime. It resumed relations following the inauguration of Obasanjo in May.
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