• Thursday, July 25, 2024
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FG pays $850m outstanding FX backlog to European airlines — Ambassador

FG pays $850m outstanding debt to European airlines — Ambassador

The Federal Government says it has cleared an outstanding debt amounting to $850 million owed European airlines, the European Union (EU) said on Tuesday.

Samuela Isopi, the EU Ambassador to Nigeria and the ECOWAS, disclosed this at the 9th edition of the Nigeria-EU business forum in Abuja.

Isopi stressed that a key condition for any foreign investor is the ability to repatriate profits, which according to her has been a concern in recent years with the most affected sector being the airline industry.

“A year ago, these funds amounted to $850m, with a big chunk being owned to European airlines. Today more than 98% of arrears have been cleared. This is a major achievement”, Isopi said.

The Ambassador also applauded the decision of the Federal government to remove foreign exchange restrictions for the import of 43 items, adding that “Investor confidence takes time to build up, but resolving these issues was a top priority.”

The Ambassador described the business forum as a platform for dialogue and engagement between the public and the private sector and highlighted the importance of the role of the Government in support of business, the private sector and private investments, as a driver for a truly inclusive and sustainable economic development.