Tinubu: CBN Clears Airline Debts to Strengthen Nigeria–UK Aviation Ties and Boost Foreign Investment

President Bola Ahmed Tinubu has said that the Central Bank of Nigeria’s (CBN) move to clear outstanding financial liabilities owed to foreign airlines is helping to reset and strengthen Nigeria’s aviation relationship with the United Kingdom, particularly with British Airways. He described the development as a key milestone in restoring confidence in Nigeria’s aviation and broader economic environment.

According to a statement by presidential spokesperson Bayo Onanuga, the President made the remarks during a meeting with a British Airways delegation in Abuja on Wednesday, as the airline marked 90 years of operations in Nigeria. Tinubu noted that his administration has prioritised removing financial bottlenecks that previously strained international aviation partnerships.

He explained that clearing these obligations is part of wider economic reforms aimed at stabilising Nigeria’s aviation sector and aligning it with global standards. “You’ve seen that since I assumed office, the outstanding liabilities and other hiccups… are being resolved by the Central Bank of Nigeria,” the President said, adding that his government is committed to improving trade, investment, and connectivity through stronger aviation links.

The renewed engagement comes as economic relations between Nigeria and the United Kingdom continue to deepen. Bilateral trade between both countries has reached a record £8.1 billion, with Nigeria remaining the UK’s largest export market in Africa. During Tinubu’s recent State Visit to the UK, Nigeria also secured a £746 million financing package aimed at upgrading key infrastructure, including the Apapa and Tin Can Island ports in Lagos, which handle over 70% of the country’s trade flows.

Officials from both countries, including British High Commissioner Richard Montgomery, praised the progress made so far, noting that recent engagements are yielding tangible investment outcomes. Both sides reaffirmed their commitment to strengthening aviation, trade, and infrastructure cooperation, with expectations that the partnership will continue to expand under the Commonwealth framework in the coming years.

source: nairametrics