FG Repays $850 Million to European Airlines

The Federal government has settled its outstanding bills with European airlines to the tune of $850 million.

This was announced at Tuesday’s 9th Nigeria-EU Business Forum in Abuja by EU Ambassador to Nigeria and ECOWAS Samuela Isopi.

She gave the administration high marks for its efforts to clear the backlog and remove foreign exchange restrictions on 43 products.

According to Isopi, with 35 billion euros in commercial relations last year, Nigeria is still the biggest trading partner for the European Union.

She went on to say that, with an estimated 26 billion euros in stock, or one-third of Nigeria’s FDI, Nigeria is the largest foreign investor in the European Union.

Isopi elaborated by saying that more than 230 EU companies have operations in Nigeria, that employ both men and women.

‘Investing in Jobs and a Sustainable Future’ is the theme of the summit.

Atiku Bagudu, Minister of Budget and National Planning, and Nura Rimi, Permanent Secretary at the Ministry of Industry, Trade, and Investment, are among those in attendance. Myriam Ferran, Director General at the European Union, is also present.

We hope that the event will serve as a platform for public-private conversation and will bring attention to the role of the government in assisting businesses in their pursuit of inclusive development.