President Bola Ahmed Tinubu has said the resolution of outstanding financial liabilities by the Central Bank of Nigeria (CBN) marks a major turning point in strengthening Nigeria’s economic and aviation ties with the United Kingdom and its flagship carrier, British Airways.
This was disclosed in a statement issued by presidential spokesperson Bayo Onanuga following a meeting with a delegation from British Airways on Wednesday, as the airline celebrates 90 years of operations in Nigeria.
The President noted that his administration has prioritised addressing financial bottlenecks that previously strained relationships with international airlines.
What the President is saying
President Tinubu stated that clearing outstanding obligations owed to foreign airlines is central to his administration’s reform agenda.
- “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,” the President stated.
The President linked these financial resolutions to a broader transformation of the Nigerian aviation industry, aimed at aligning the sector with global standards to foster trade and investment.
- “Nigeria is still going through the reforms and transformation of our aviation industry and every aspect of our economy,” Tinubu said.
The President emphasised the need for Nigeria’s aviation sector to meet global standards to attract investment and improve connectivity.
He also highlighted the importance of strengthening trade and people-to-people relationships through improved aviation links.
He added that British Airways’ 90-year presence in Nigeria reflects a longstanding partnership that should continue to evolve in line with national priorities.
Get up to speed
The renewed engagement comes amid growing economic cooperation between Nigeria and the United Kingdom.
- Bilateral trade between both countries has reached a record £8.1 billion.
- Nigeria remains the UK’s largest export market in Africa.
- During Tinubu’s State Visit in March, Nigeria secured a £746 million financing agreement with the UK.
The funding will support upgrades to critical infrastructure, including Apapa and Tin Can Island ports in Lagos.
These ports account for over 70% of Nigeria’s imports and exports and are key to improving trade efficiency.
More insights
Officials from both countries reaffirmed their commitment to deepening economic and aviation collaboration.
British High Commissioner Richard Montgomery commended the outcomes of the President’s recent visit to the UK.
He noted that the engagement delivered concrete investment outcomes beyond diplomatic formalities.
The discussions also highlighted UK-backed financing for port rehabilitation projects in Lagos.
Both sides agreed to strengthen cooperation within the Commonwealth framework to drive long-term growth.
The meeting concluded with a shared commitment to building a more robust and mutually beneficial partnership in the years ahead.
What you should know
The development follows recent efforts to translate bilateral agreements into practical investments.
- The UK recently completed its first trade and investment mission to Nigeria since the State Visit.
- The mission brought together 43 delegates from 30 British companies.
- It focused on building partnerships and exploring opportunities across key sectors.
The initiative aims to convert high-level agreements into tangible economic outcomes.
These engagements signal a broader push to deepen trade, investment, and sectoral collaboration between both countries.
