According to Daily Post, On Tuesday, the European Union (EU) announced that the Nigerian Federal Government has settled a long-standing debt of $850 million owed to European airlines. Samuela Isopi, EU Ambassador to Nigeria and ECOWAS, made this disclosure during the 9th edition of the Nigeria-EU Business Forum in Abuja.
Isopi highlighted that clearing this debt, which a year ago amounted to $850 million, with a significant portion owed to European airlines, marks a substantial achievement, with over 98 percent of the arrears now resolved.
The ambassador praised the Federal Government's decision to lift foreign exchange restrictions on the importation of 43 items, emphasizing that resolving such issues is crucial for building investor confidence.
He described the business forum as a vital platform for fostering dialogue and collaboration between public and private sectors. Isopi underscored the government's role in supporting business and private investments, essential for inclusive and sustainable economic development.
Earlier in January 2024, the Governor of the Central Bank of Nigeria had announced the completion of foreign exchange backlog payments to foreign airlines.