The European Union, EU has confirmed that the Federal Government of Nigeria has paid off the outstanding debt amounting to $850 million owed European airlines.
This was announced on Tuesday at the 9th Nigeria-EU Business Forum by EU ambassador to Nigeria and ECOWAS, Samuel Isopi.
Isopi noted that a key condition for any foreign investor is the ability to repatriate profits.
In his words “A year ago, these funds amounted to $850m, with a big chunk being owned to European airlines. Today more than 98 percent of arrears have been cleared. This is a major achievement,” Isopi said.
According to Isopi, “Investor confidence takes time to build up, but resolving these issues remains a top priority.”
The Ambassor commended the federal government to lift foreign exchange restrictions on 43 items describing the business forum as a platform for dialogue and engagement between the public and the private sectors. He also highlighted the importance of the role of the government in supporting business, the private sector and private investments, as a driver for a truly inclusive and sustainable economic development.
Also recall that the governor of the Central Bank of Nigeria had, in January 2024, stated that the bank had concluded the payment of the foreign exchange backlog to foreign airlines.
