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 favorable economic environment in the country.
Various stakeholders have lauded the Nigerian government’s move, highlighting its potential to improve the overall business climate. This policy change is seen as a positive development that could stimulate economic growth and attract more international investors to Nigeria.
Ambassador Isopi also noted that Nigeria remains the EU’s largest trading partner in Africa, with trade relations amounting to approximately 35 billion Euros last year. She emphasized that the EU is the biggest foreign investor in Nigeria, with investments estimated at 26 billion Euros, accounting for one-third of Nigeria’s foreign direct investment.
Over 230 EU companies currently operate in Nigeria, providing significant employment opportunities for youth and women and contributing to the nation’s economic growth. This was highlighted during the 9th edition of the Nigeria-EU Business Forum themed "Investing in Jobs and Sustainable Future," which featured key figures such as Myriam Ferran, Director General at the EU; Atiku Bagudu, Minister of Budget and National Planning; and Nura Rimi, Permanent Secretary at the Ministry of Industry, Trade, and Investment.
The forum served as a crucial platform for dialogue between the public and private sectors, emphasizing the government’s role in supporting businesses to achieve inclusive development. Discussions centered on enhancing investment in Nigeria, fostering sustainable economic growth, and creating jobs. Stakeholders stressed the importance of robust economic policies and ongoing collaboration between Nigeria and the EU to achieve shared economic goals.
A major highlight was the Nigerian government's repayment of the $850 million debt owed to European airlines. This repayment is expected to bolster Nigeria's reputation as a reliable partner in international trade and finance, paving the way for future investments and stronger economic ties with European nations.
This development marks a significant milestone in Nigeria’s efforts to stabilize its economy and create a conducive environment for business growth and development. The removal of foreign exchange restrictions on 43 items further demonstrates Nigeria's commitment to economic liberalization and attracting foreign investments, contributing to a more favorable business climate and sustained economic progress.