Federal Government Pays off $850m Debt to European Airlines

The Nigerian government has settled outstanding debts totaling $850 million owed to European airlines.

This announcement was made by Samuela Isopi, the European Union Ambassador to Nigeria and ECOWAS, during the 9th edition of the Nigeria – EU Business Forum in Abuja on Tuesday.

Isopi praised the government’s actions in clearing the debt backlog and removing foreign exchange restrictions on the import of forty-three items.

Highlighting the robust economic ties between Nigeria and the EU, Isopi noted that Nigeria remains the EU’s largest trading partner, with trade relations amounting to about 35 billion Euros in the past year.

She also emphasized that the EU is the largest foreign investor in Nigeria, with investments totaling 26 billion Euros, which accounts for one-third of Nigeria’s foreign direct investment.

Isopi further highlighted the presence of over 230 EU companies operating in Nigeria, contributing significantly to employment opportunities for youths and women.

The theme of the forum, ‘Investing in Jobs and Sustainable Future,’ underscores its objective to facilitate dialogue between the public and private sectors.

Attendees included Myriam Ferran, Director General at the EU, Atiku Bagudu, Minister of Budget and National Planning, and Nura Rimi, Permanent Secretary at the Ministry of Industry, Trade and Investment.

The forum aims to showcase the government’s role in supporting businesses to foster inclusive development.