By Adedapo Adesanya
The Nigerian government has paid a backlog of debts to European airlines to the tune of $850 million.
The European Union (EU) Ambassador to Nigeria and the ECOWAS, Ms Samuela Isopi, revealed this at the 9th edition of the Nigeria – EU Business Forum in Abuja on Tuesday.
She commended the government for its intervention in clearing the backlog as well as the removal of foreign exchange restrictions on the import of forty-three items.
Ms Isopi said that Nigeria remains the EU’s largest trading partner with about €35 billion in trade relations in the last year.
She also said that Nigeria is the E.U’s biggest foreign investor with a stock estimated at €26 billion, representing one-third of Nigeria’s foreign direct investment.
Ms Isopi added that over 230 EU companies operate in Nigeria, providing jobs for youths and women.
The meeting has the theme Investing in Jobs and Sustainable Future focused on creating employment for Nigeria’s growing population.
Others in attendance include the Director General at the EU, Mrs Myriam Ferran; the Minister of Budget and National Planning, Mr Atiku Bagudu, and the Permanent Secretary at the Ministry of Industry, Trade and Investment, Mr Nura Rimi.
The forum is expected to create a platform for dialogue between the public and the private sector as well as highlight the role of government in supporting businesses towards achieving inclusive development.
This is coming after the International Air Transport Association (IATA) confirmed that the Central Bank of Nigeria (CBN) cleared foreign airlines trapped funds worth $831 million in June.
According to IATA, from the peak of about $850m foreign airlines’ funds in Nigeria last June, only $19 million is left outstanding.
The association representing international airlines said the remaining $19 million was awaiting the CBN verification through commercial banks.
It is however not clear if this $19 million encompasses the EU debt payment.
