FG Clears $850m Debt Owed to EU Airlines

The Nigerian Federal Government has cleared a significant $850 million in debt owed to European airline companies, a major development that is expected to restore confidence and stability in the country’s aviation industry.

The European Union Ambassador to Nigeria and the ECOWAS, Samuela Isopi, revealed this at the 9th edition of the Nigeria – EU Business Forum in Abuja on Tuesday.

The theme of the forum is, ‘Investing in Jobs and Sustainable Future’.

Isopi commended the government for its intervention in clearing the backlog as well as the removal of foreign exchange restrictions on the import of forty-three items.

She said that Nigeria remains the EU’s largest trading partner with about 35 billion Euros in trade relations in the last year.

She also said that Nigeria is the E.U’s biggest foreign investor with a stock estimated at 26 billion Euros, representing one-third of Nigeria’s foreign direct investment.

Isopi added that over 230 EU companies operate in Nigeria, providing jobs for youths and women.

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

The forum is expected to create a platform for dialogue between the public and the private sector as well as highlight the role of government in supporting businesses towards achieving inclusive development.