The Federal Government of Nigeria has paid off a long-standing debt of $850 million owed to European airlines, according to European Union Ambassador to Nigeria and ECOWAS, Samuela Isopi. The announcement was made at the 9th Nigeria-EU Business Forum in Abuja.
Ambassador Isopi praised the Nigerian government’s efforts, saying, “The settlement of the airline debts and the lifting of foreign exchange restrictions on the import of 43 items are pivotal steps towards smoothing trade relations between Nigeria and the European Union.”
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She highlighted the strong trade partnership between Nigeria and the EU, noting that Nigeria is the EU’s largest trading partner, with trade volumes reaching approximately €35 billion last year. “Nigeria is also the EU’s biggest foreign investor, with investments estimated at €26 billion, accounting for one-third of Nigeria’s foreign direct investment,” she added.
The forum, themed “Investing in Jobs and Sustainable Future,” brought together 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.
Recall that the presence of over 230 European companies in Nigeria has created jobs, particularly for youth and women, reinforcing the EU’s commitment to supporting Nigeria’s economic development.
