The Federal Government of Nigeria has paid off $850 million in debts owed to European airlines.
This development was disclosed by the European Union (EU) Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Samuela Isopi, during the 9th edition of the Nigeria-EU Business Forum in Abuja on Tuesday.
Isopi praised the government for its intervention in clearing the debt backlog and for lifting foreign exchange restrictions on the import of forty-three items.
She noted that Nigeria remains the EU’s largest trading partner, with approximately 35 billion Euros in trade relations over the past year. Furthermore, Nigeria is the EU’s biggest foreign investor, with investments estimated at 26 billion Euros, representing one-third of Nigeria’s foreign direct investment.
Isopi highlighted the presence of over 230 EU companies operating in Nigeria, providing employment opportunities for the youth and women.
The forum, themed ‘Investing in Jobs and Sustainable Future,’ was attended by notable figures, including 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 foster dialogue between the public and private sectors and underscore the government’s role in supporting businesses to achieve inclusive development.