President Bola Tinubu has disclosed that the Central Bank of Nigeria (CBN) is clearing outstanding obligations owed to foreign airlines, in a bid to strengthen the Nigeria-UK aviation sector relations.
The presidential spokesperson, Bayo Onanuga, disclosed this following a meeting with a delegation from British Airways on Wednesday, as the airline celebrates 90 years of operations in Nigeria.
The development was after Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday, disclosed key Federal Government interventions aimed at reducing the financial pressure on airlines following rising concerns over the cost of Jet A1 fuel and the threat of service disruptions in the aviation sector.
Keyamo stated that President Bola Tinubu has approved a generous discount on certain outstanding fees owed to the Federal Government by airline operators.
He explained that the decision is part of efforts to provide immediate relief to the sector and prevent a breakdown in air transport services.
The President informed the visitors that one of the earliest achievements of his administration was settling outstanding liabilities owed by airlines operating in Nigeria. “You’ve seen that since I assumed office, the outstanding liabilities and other hiccups that are hindrances to our relationship are being resolved by the Central Bank of Nigeria, and we hope to strengthen all of that,” he said.
Tinubu reaffirmed Nigeria’s commitment to deepening economic relations with the UK, particularly in the aviation sector and other mutually beneficial areas.
The President, while highlighting the longstanding and productive partnership between both countries, noted that Nigeria places great value on its strategic relationship with Britain.
He particularly reflected on his very recent historic visit to the United Kingdom and the wonderful reception he received from the Royal family, assuring the delegation that the partnership will continue to create opportunities for growth, investment, and shared prosperity.
“It is a very great joy to share with you this afternoon. The transformation and strengthening of our relationship over the past 90 years is a milestone worthy of celebration. And I still relish the memory of my last visit to Great Britain and the wonderful reception I received from His Majesty King Charles III. I will forever cherish that memory.
“We also hold in high regard our relationship with His Majesty the King. His long-standing commitment to sustainability and to strengthening the Commonwealth, particularly the relationship between Nigeria and Great Britain, must continue to enhance cooperation that aligns with our own national priorities.
“I assure you we will continue to do that, and this engagement confirmed the bilateral relations that we’ve enjoyed over the years. Our forebears wanted us to continue,” the President said. President Tinubu acknowledged the critical role of British Airways in fostering economic and people-to-people connections between Nigeria and the United Kingdom, saying that Nigeria is undergoing reforms to strengthen the economy and state institutions.
“Nigeria is still going through the reforms and transformation of our aviation industry and every aspect of our economy. We must meet global standards and encourage people-to-people connections while promoting the essence of trade and partnership in this sector.
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The President further expressed appreciation to the British Government for the numerous business and investment opportunities extended to Nigeria over the years.
“We celebrate with you your remarkable 90 years of operation in Nigeria, and we hope we will continue to enhance and encourage that relationship for a stronger and more rewarding partnership”, he said.
In his remarks, Colm Lacy chronicled the airways’ long-standing relationship with Nigeria, saying the airways have served generations of Nigerians for the past 90 years, helping in trade, investments, and opportunities on both sides.
He said Nigeria was not just a destination for the airways, but a long-standing valued customer.” “Our relationship began in 1936 and has journeyed across generations. Nigeria is not simply a destination but a long-standing, most valued market in a country with which we share strong people-to-people, business, educational, and cultural ties.
“Every day our services support Nigerian entrepreneurs, students, families, and tourists connecting from Nigeria to the United Kingdom and all over the world, helping in trade, investment, and opportunities in both directions,” he said.
Lacy lauded the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, the Nigerian Civil Aviation Authority, and the Nigerian Airports Authority for their commitment and professionalism, which, according to him, has enhanced a credible and safe aviation in Nigeria.
He also commended the CBN for its commitment to resolving foreign exchange matters and restoring the confidence of foreign airlines operating in Nigeria.
Earlier, Keyamo told the gathering that British Airways now operates brand new aircraft on the London-Nigerian route, adding that the airline had fully complied with the federal government’s policy to support local caterers by serving local dishes on international outbound flights.
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Also speaking, the UK High Commissioner to Nigeria, Richard Montgomery, expressed delight at the 90-year relationship between British Airways and Nigeria.
The envoy also thanked the President for his successful state visit to the United Kingdom, during which several business agreements were signed to boost trade and economic ties between the two nations.
“I know that their Majesties, the King and the Queen, were delighted with the visit. And I hope that your excellency and your team feel satisfied about the substance, not just the ceremony, that some very big investment deals were agreed, including the rehabilitation of Lagos Ports, which we are delighted to support with financing and UK content,” he said.
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