The Federal Government of Nigeria has cleared a backlog of debts amounting to $850 million owed to European airlines.

This development was announced by Samuela Isopi, the European Union Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), during the 9th edition of the Nigeria – EU Business Forum held in Abuja on Tuesday.

Ambassador Isopi praised the Nigerian government for its decisive intervention in resolving the debt issue, which had long been a point of contention between Nigeria and European carriers.

The repayment is expected to foster better relations and trust between Nigeria and European airlines, potentially leading to enhanced air travel connectivity and economic cooperation.

In addition to addressing the debt, the Nigerian government has also removed foreign exchange restrictions on the importation of forty-three items.

This policy shift is seen as a step towards liberalizing the economy and making it more attractive for foreign investments.

The move has been lauded by various stakeholders as it is expected to ease business operations and improve the overall economic landscape of the country.

“Nigeria remains the EU’s largest trading partner in Africa, with trade relations amounting to approximately 35 billion Euros last year,” Isopi noted.

She also highlighted Nigeria’s status as the EU’s biggest foreign investor on the continent, with a stock estimated at 26 billion Euros, which constitutes one-third of Nigeria’s foreign direct investment.

Over 230 EU companies currently operate in Nigeria, providing substantial employment opportunities for the youth and women, thereby contributing to the nation’s economic growth.

Themed ‘Investing in Jobs and Sustainable Future,’ the forum was attended by prominent figures, including Myriam Ferran, the Director General at the EU; Atiku Bagudu, the Minister of Budget and National Planning; and Nura Rimi, the Permanent Secretary at the Ministry of Industry, Trade and Investment.

The event served as a platform for dialogue between the public and private sectors, underscoring the role of government in supporting businesses to achieve inclusive development.

The forum’s discussions centered on enhancing investment in Nigeria, fostering sustainable economic growth, and creating jobs.

The stakeholders emphasized the importance of robust economic policies and the need for continued collaboration between Nigeria and the EU to achieve shared economic objectives.

The repayment of the $850 million debt is expected to bolster Nigeria’s reputation as a reliable partner in international trade and finance, paving the way for future investments and stronger economic ties with European nations.

This development marks a significant milestone in Nigeria’s efforts to stabilize its economy and create a conducive environment for business growth and development.

Ajah, Lekki, Surulere, Agungi, Ikorodu, and numerous other neighborhoods bore the brunt of torrential rains that inundated the city in the early hours of Wednesday.

The downpour, which lasted several hours, submerged streets and homes, leaving residents grappling with waist-deep waters and unprecedented challenges.

In the Ojo district, north of the city, a stark scene unfolded as desperate locals devised makeshift solutions to navigate the deluge.

A viral video captured residents charging desperate commuters ₦200 per head to ferry them across flooded streets.

Tokunbo Wahab, the commissioner for the Lagos Ministry of the Environment and Water Resources said “The EFAG team from the Lagos State Ministry of the Environment and Water Resources were deployed to monitor/clear the flash flood at the Olopomeji section of Iyana Oworo.

“The road is now free from rain water. Thank you for your patience and understanding.”

As the cleanup and recovery efforts continue, questions are being raised about the city’s preparedness for such weather events.

Climate experts warn that urban planning and drainage systems must be urgently upgraded to prevent future disasters of this magnitude.

In a match that will be remembered for its dramatic twists and turns, host nation Germany secured a spot in the European Championship quarterfinals with a 2-0 victory over Denmark on Saturday.

The win came amidst a thunderstorm-induced delay and two crucial video review calls, sending the jubilant German fans into raptures.

The game, played in front of a packed Signal Iduna Park in Dortmund, was interrupted by a thunderstorm that brought torrential rain and hail, causing a 25-minute halt in play.

Despite the adverse weather, the atmosphere remained electric as the soaked fans continued to cheer for their team.

The turning point of the match came in the second half. Denmark’s Joachim Andersen appeared to have put his team ahead in the 50th minute with a close-range finish.

However, the Video Assistant Referee (VAR) spotted an offside in the buildup, disallowing the goal.

Immediately after, Germany launched a counter-attack, leading to a cross by David Raum striking Andersen’s outstretched arm. Another VAR review resulted in a penalty for Germany, which Kai Havertz converted, breaking the deadlock.

Jamal Musiala added a second goal for Germany in the 68th minute, securing the win and his third goal of the tournament, tying him with Georgia’s Georges Mikautadze for the most in the competition so far.

The victory marked Germany’s first win in the knockout stages of a major tournament since 2016, a significant achievement for a team looking to shake off a series of disappointing performances in recent years.

“We played a super game — we had crazy fans again today,” said Germany defender Nico Schlotterbeck. “We’re playing with euphoria, we’re playing with fun, and that’s what the most beautiful thing about football is.”

Germany’s coach, Julian Nagelsmann, used the rain delay to his advantage, showing his players key moments from the first half-hour of the game.

“We came through adversity in those seconds where it was, ‘Was it a goal or not a goal?’ and ‘Was it handball or not a handball?’ That makes me proud,” Nagelsmann said. “The team deserves it and hopefully we are getting rid of the old memory stick and understand how good we actually are.”

Denmark’s coach, Kasper Hjulmand, expressed frustration over the VAR decisions, particularly the handball ruling.

“It was one centimeter offside. In terms of statistics and data, it doesn’t make sense. This is not how we are supposed to be using VAR,” he said. “And I am so tired of the ridiculous handball rule. Joachim was running normally. It’s a normal situation.”

Despite the controversy, it is Germany who advances, with the team set to face Spain or Georgia in the quarterfinals.

As the German fans sang “We’re going to Berlin,” the team now looks forward to potentially turning this European Championship into a summer fairy tale, hoping to end their run of underwhelming performances on the grand stage.

“It was a wild game altogether,” Nagelsmann remarked. “We understand how good we actually are. Now, it’s time to prove it.”

With two more wins needed to reach the final in Berlin on July 14, Germany is riding high on confidence and national pride, ready to make the most of their home advantage.