Nigeria has accepted terms of a deal...

Nigeria has accepted terms of a deal to reschedule payment on $5.2 billion of its debt that delays principal repayments for up to 20 years on medium-term loans, Britain’s Barclays PLC reported. Barclays, with Citicorp, heads a group of creditor banks that has led negotiations on Nigerian debt. Banking sources said the pact reduces interest charges that Nigeria will pay and closely matches conditions on recent Latin American accords. “It’s just a recognition of the market as it is and the serious trouble that Nigeria is in,” a British banker said. Nigeria’s rapid expansion depended on its oil exports, and major debts were run up when petroleum prices were high.