The European Union (EU) Ambassador to Nigeria and the ECOWAS Samuela Isopi, has confirmed the clearance of all the outstanding debt amounting to $850 million owed European airlines.
The EU Ambassador to Nigeria made the confirmation at the 9th edition of the Nigeria-EU business forum on Tuesday, in Abuja.
The Envoy disclosed that a key condition for any foreign investor is the ability of investors to repatriate their 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 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.