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 Nigeria–United Kingdom aviation sector relations.
The development was disclosed following a meeting with a delegation from British Airways on Wednesday, as the airline marked 90 years of operations in Nigeria.
The presidential spokesperson, Bayo Onanuga, said the engagement formed part of ongoing efforts by the Federal Government to stabilise the aviation sector and restore investor confidence.
The development followed an earlier disclosure by the Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), who outlined key federal interventions aimed at reducing financial pressure on airlines amid rising concerns over Jet A1 fuel costs and the threat of service disruptions in the aviation sector.
Keyamo said President Tinubu had approved a generous discount on certain outstanding fees owed to the Federal Government by airline operators, describing the move as part of emergency relief measures for the industry.
According to him, the policy was designed to prevent a breakdown in air transport services while strengthening operational stability across the aviation value chain.
The President, in his remarks, said one of the earliest achievements of his administration was the settlement of 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 United Kingdom, particularly in aviation and other strategic sectors of mutual benefit.
He stressed that Nigeria placed high value on its long-standing partnership with Britain, noting that recent reforms were aimed at repositioning the economy for global competitiveness.
“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,” the President said.
He added that Nigeria’s reforms were designed to align with global standards while expanding opportunities for trade, investment, and people-to-people relations.
“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,” he said.
The President further expressed appreciation to the British Government for its longstanding economic and investment ties with Nigeria, while congratulating British Airways on its 90-year presence in the country.
“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 added.
Speaking on behalf of British Airways, Colm Lacy said the airline had maintained a long-standing relationship with Nigeria since 1936, serving generations of passengers and contributing to trade, education, and investment flows.
“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,” he said.
Lacy also commended the Federal Government, the Minister of Aviation, the Nigerian Civil Aviation Authority, and airport authorities for their efforts in improving aviation safety and regulatory standards.
He further praised the Central Bank of Nigeria for addressing foreign exchange concerns affecting airline operations and restoring confidence among international carriers.
Earlier, Keyamo noted that British Airways had introduced new aircraft on the London–Nigeria route and complied with government directives supporting local catering services on outbound international flights.
Also speaking, the UK High Commissioner to Nigeria, Richard Montgomery, described the 90-year relationship between British Airways and Nigeria as a symbol of strong bilateral ties.
“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,” he said.
He added that the UK remains committed to supporting Nigeria in infrastructure development, including ongoing financing discussions around port rehabilitation and trade expansion.
