The Paris Club of creditor counties has agreed to cancel 60 percent, or 18 billion US dollars of Nigeria's debt owed to it, the group announced on Thursday.

The club said in a statement published on its website that it agreed with Nigeria, Africa's most populous country, on "a comprehensive treatment of its debt" following a three-day meeting between them this week.

"The Paris Club creditor countries welcomed the ambitious economic program implemented by the Nigerian authorities since 2003 and their desire to secure an exit treatment from the Paris Club," it said.

Source: Xinhua