The Nigerian government has cleared a backlog of debts amounting to $850 million owed to European airlines, as announced by EU Ambassador to Nigeria and ECOWAS, Samuela Isopi, at the 9th Nigeria-EU Business Forum in Abuja.
This action, along with the removal of foreign exchange restrictions on 43 import items, was praised by Isopi.
Nigeria remains the EU’s largest trading partner in Africa, with trade relations totaling 35 billion Euros in the past year. The EU is also Nigeria’s biggest foreign investor, with investments valued at 26 billion Euros, constituting one-third of Nigeria’s foreign direct investment.
Over 230 EU companies operate in Nigeria, creating jobs for youths and women.
The forum, themed “Investing in Jobs and Sustainable Future,” featured key officials including Myriam Ferran, Director General at the EU, Minister of Budget and National Planning Atiku Bagudu, and Permanent Secretary of the Ministry of Industry, Trade and Investment Nura Rimi.
It aims to foster dialogue between the public and private sectors and highlight government support for businesses to achieve inclusive development.