The Federal Government of Nigeria has paid off the outstanding debt of $850 million to European airlines, according to the European Union Ambassador to Nigeria and ECOWAS, Samuela Isopi. This announcement was made at the 9th Nigeria-EU Business Forum in Abuja.
The payment of the debt backlog and the removal of foreign exchange restrictions on the import of 43 items were commended by Isopi, highlighting the significant trade relations between Nigeria and the EU. Nigeria remains the EU’s largest trading partner, with a total trade value of 35 billion Euros in the last year.
Additionally, the EU is Nigeria’s biggest foreign investor, with a stock estimated at 26 billion Euros, representing one-third of Nigeria’s foreign direct investment. Over 230 EU companies operate in Nigeria, providing employment opportunities for youths and women.
The Nigeria-EU Business Forum, themed “Investing in Jobs and Sustainable Future,” aims to create a platform for public-private dialogue and highlight the government’s support for businesses towards achieving inclusive development. Attendees included the Director-General at the EU, Myriam Ferran, and the Minister of Budget and National Planning, Atiku Bagudu.
