Business

FG Clears $850m Debt To EU Airlines

Published

2 years ago

July 2, 2024

727 Views

The Federal Government of Nigeria has successfully cleared a backlog of debts amounting to $850 million owed to European airlines. This significant achievement was announced by Samuela Isopi, the European Union Ambassador to Nigeria and ECOWAS, during the 9th edition of the Nigeria – EU Business Forum held in Abuja.

Ambassador Isopi commended the Nigerian government for taking action to settle the outstanding debts. She also praised the government’s decision to lift foreign exchange restrictions on the importation of forty-three items, which has been viewed positively by the EU.

Nigeria remains a crucial economic partner for the EU, with bilateral trade reaching approximately 35 billion Euros in the past year. Additionally, the EU is the largest foreign investor in Nigeria, with investments valued at around 26 billion Euros, representing a significant portion of Nigeria’s foreign direct investment.

Isopi highlighted the presence of over 230 EU companies operating in Nigeria, contributing to job creation particularly among youths and women. This underscores the economic ties and mutual benefits derived from the EU-Nigeria relationship.

The theme of the forum, ‘Investing in Jobs and Sustainable Future’, reflects the focus on fostering dialogue between the public and private sectors. It aims to emphasize the role of government in supporting businesses to achieve inclusive development, demonstrating a commitment to sustainable economic growth and job creation.

The forum was attended by key figures including Myriam Ferran, Director General at the EU, Atiku Bagudu, Minister of Budget and National Planning, and Nura Rimi, Permanent Secretary at the Ministry of Industry, Trade and Investment. It provided a platform to discuss strategies for enhancing economic cooperation and investment opportunities between Nigeria and the EU.

Overall, the successful settlement of airline debts and the positive outcomes highlighted at the forum signify a strengthening of economic relations between Nigeria and the European Union, with a focus on mutual prosperity and sustainable development.

Business

Australia hikes rates to 18-year high to fight inflation

The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.

Published

10 hours ago

November 3, 2026

OCHEFA

108369166 1790657472823 gettyimages 2274092462 AUSTRALIA RBA BULLOCK

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•Michele Bullock, governor of the Reserve Bank of Australia (RBA), during a news conference at the central bank’s head office in Sydney, Australia, on Tuesday, May 5, 2026. Photographer: Brendon Thorne/Bloomberg via Getty Image.

Australia’s central bank Tuesday raised its key interest rate to a 18-year high , citing the prolonged war in the Middle East and persistent inflationary pressures.

In a statement, the Reserve Bank of Australia said it would lift its cash rate by 25 basis points to 4.85 percent.

“Inflation remains elevated,” it said. “This partly reflects higher fuel and other commodity prices affected by the conflict in the Middle East.”

“AI-related investment is driving rapid growth in prices for technology-related goods, and inflation in many goods and services remains high.”

The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.

It brings rates to their level seen since late 2008, at the height of the global financial crisis.

Business

MTN migrates MoMo Customers to Alipay+ platform

For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.

Published

11 hours ago

November 3, 2026

OCHEFA

14 Views

MTN Nigeria has begun moving MoMo Payment Services Bank customers to a new digital payment platform powered by Alipay+.

It’s fintech revenue fell 25.91% to ₦97.5 billion in the nine months ended September 2026.

The migration comes as monthly active MoMo users reached 3.2 million and transaction volumes rose 69.1%.

The migration followed a strategic partnership between MTN Group Fintech and Ant International, aimed at improving transaction speed, security and reliability.

MTN Nigeria Chief Executive Officer Karl Toriola said the upgraded infrastructure would provide a stronger foundation for expanding digital financial services.

For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.

Business

FG Secures $30m Grant from China for Grassroots Projects

Specific projects and beneficiary communities have not been announced.

Published

11 hours ago

November 3, 2026

OCHEFA

10 Views

•President Bola Tinubu

The Federal Government has secured a $30 million grant from China to finance grassroots development projects aimed at reducing poverty and improving living conditions.

The grant is worth about ₦43 billion, or RMB200 million.The agreement was signed on Thursday, October 29, 2026, at the Federal Ministry of Budget and Economic Planning in Abuja.

A ministry statement released on Sunday said the funding will support community-based projects under the Nigeria-China Development Cooperation framework.

The money will finance projects under China’s Small but Beautiful initiative.

The scheme focuses on affordable, community-driven interventions that deliver direct benefits to residents. It is expected to address development needs in underserved communities, including access to essential infrastructure and economic opportunities.

Specific projects and beneficiary communities have not been announced.