FG Clears $850 Million Debt To EU Airlines

The Federal Government of Nigeria has cleared a backlog of debts amounting to $850 million owed to European airlines.

This development was announced by the European Union Ambassador to Nigeria and ECOWAS, Samuela Isopi, during the 9th edition of the Nigeria – EU Business Forum held in Abuja.

Ambassador Isopi lauded the Nigerian government’s efforts not only in settling the airline debts but also in lifting foreign exchange restrictions on the import of forty-three items.

These measures are seen as pivotal steps towards smoothing trade relations between Nigeria and the European Union.

During her address, Isopi highlighted the robust trade partnership between Nigeria and the EU, noting that Nigeria remains the EU’s largest trading partner with trade volumes reaching approximately 35 billion Euros last year.

“Nigeria is also the EU’s biggest foreign investor, with investments estimated at 26 billion Euros, which accounts for one-third of Nigeria’s foreign direct investment,” Isopi added.

The presence of over 230 European companies in Nigeria has been instrumental in job creation, particularly for the youth and women, reinforcing the EU’s commitment to supporting Nigeria’s economic development.

The forum, themed ‘Investing in Jobs and Sustainable Future’, saw notable attendees, including Myriam Ferran, Director General at the EU, Minister of Budget and National Planning Atiku Bagudu, and Ambassador Nura Rimi, Permanent Secretary at the Ministry of Industry, Trade and Investment.