The Federal Government of Nigeria has settled a backlog of debts amounting to $850 million owed to European airlines. This announcement was made by the European Union Ambassador to Nigeria and the ECOWAS, Samuela Isopi, during the 9th edition of the Nigeria–EU Business Forum in Abuja on Tuesday.

Ambassador Isopi praised the Nigerian government for addressing the debt backlog and for lifting foreign exchange restrictions on the importation of 43 items. She highlighted the significance of this move in strengthening the economic ties between Nigeria and the EU.

“Nigeria remains the EU’s largest trading partner, with trade relations amounting to about 35 billion Euros last year,” Isopi stated. She also noted that the EU is Nigeria’s largest foreign investor, with investments totaling an estimated 26 billion Euros, representing one-third of Nigeria’s foreign direct investment.

Additionally, Isopi mentioned that over 230 EU companies are currently operating in Nigeria, providing substantial employment opportunities for youths and women.

The forum, themed “Investing in Jobs and Sustainable Future,” was attended by 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, Nura Rimi.