The Federal Government has successfully offset the outstanding debt of $850 million owed to European airlines, the European Union (EU) announced. This significant development was revealed by the European Union Ambassador to Nigeria and the ECOWAS, Samuela Isopi, on Tuesday during the 9th edition of the Nigeria EU Business Forum in Abuja.
Isopi commended the Nigerian government for its decisive intervention in clearing the debt backlog. She also praised the removal of foreign exchange restrictions on the import of forty-three items, a move expected to boost economic activities and trade between Nigeria and the EU.
“Nigeria remains the EU’s largest trading partner in Africa, with trade relations amounting to approximately 35 billion Euros in the past year,” Isopi stated. She emphasized the robust economic ties, noting that Nigeria is the EU’s biggest foreign investor, with investments estimated at 26 billion Euros. This represents one-third of Nigeria’s foreign direct investment (FDI), highlighting the significant role of the EU in Nigeria’s economic landscape. Furthermore, over 230 EU companies operate in Nigeria, providing employment opportunities, particularly for the youth and women.
The forum, themed ‘Investing in Jobs and Sustainable Future,’ saw attendance from key figures including the Director-General at the EU, Myriam Ferran, the Minister of Budget and National Planning, Atiku Bagudu, and the Permanent Secretary at the Ministry of Industry, Trade, and Investment, Ambassador Nura Rimi. The event provided a platform for dialogue between the public and private sectors, aiming to foster a collaborative environment for inclusive economic development.
In addition to discussing debt clearance and trade relations, the forum addressed various challenges and opportunities within Nigeria’s business environment. Participants explored strategies to enhance job creation, sustainable development, and investment opportunities. Emphasis was placed on the need for continuous government support in creating a conducive environment for businesses to thrive.
Isopi highlighted the EU’s commitment to supporting Nigeria’s economic growth through various initiatives and partnerships. She underscored the importance of innovation, technology transfer, and capacity building in driving economic progress. The forum also provided an opportunity for stakeholders to network, share insights, and develop actionable plans to strengthen Nigeria-EU trade relations further.
