Nigeria pays $850m debt to European Airlines

The Federal Government of Nigeria has settled outstanding debts totaling $850 million owed to European airlines.

Nigeria pays $850m debt to European Airlines

This development was announced by Samuela Isopi, the European Union Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), during the 9th edition of the Nigeria-EU Business Forum held in Abuja. Ambassador Isopi commended the Nigerian government for its decisive action in resolving the longstanding debt issue, which had been a major point of contention between Nigeria and European carriers. The repayment is anticipated to foster better relations and trust between Nigeria and European airlines, potentially leading to improved air travel connectivity and enhanced economic cooperation. In addition to clearing the debt, the Nigerian government has also lifted foreign exchange restrictions on the importation of forty-three items. This policy shift is viewed as a significant step towards liberalizing the economy, making it more attractive to foreign investments. The removal of these restrictions is expected to ease business operations and contribute to a more favorab…

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Founded Mainwave Digital Media, Temmy Samuel is a financial advisor and journalist, blending financial expertise with storytelling skills to simplify complex financial topics for readers and clients alike. Learn More About Temmy Samuel

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