EU confirms Nigerian Govt paid $850m foreign airlines backlog

The Nigerian Federal Government has paid off an outstanding debt of $850 million that was owed to European airlines, according to a statement released by the European Union (EU) on Tuesday.

At the 9th Nigeria-EU Business Forum in Abuja, Samuela Isopi, the EU Ambassador to Nigeria and the ECOWAS, revealed this.

The capacity to repatriate income is a crucial requirement for any foreign investor, according to Isopi.

These assets were worth $850 million a year ago, with European airlines holding the lion’s share of the proceeds. Over 98% of the arrears have been paid off as of today. It’s a significant accomplishment, Isopi stated.

The Federal Government’s decision to waive foreign exchange restrictions on 43 products of import was also applauded by the ambassador.

“Resolving these issues was a top priority, but investor confidence takes time to build up,” he stated.

In addition to highlighting the significance of the government’s role in assisting business, the private sector, and private investments as a catalyst for genuinely inclusive and sustainable economic development, the ambassador described the business forum as a forum for discussion and engagement between the public and private sectors.

Remember that in January 2024, the governor of the Central Bank of Nigeria declared that the bank had finished paying the foreign exchange arrears owed to foreign airlines.