The Central Bank of Nigeria (CBN), has commenced the settlement of outstanding foreign exchange obligations owed to international airlines, in a move aimed at restoring confidence in Nigeria’s aviation sector and strengthening bilateral ties, particularly with the United Kingdom.
President Bola Ahmed Tinubu disclosed that the initiative forms part of broader efforts to improve Nigeria–UK aviation relations and address longstanding financial bottlenecks affecting airline operations.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, revealed this after a meeting between the President and a delegation from British Airways on Wednesday. The visit coincided with the airline’s 90th anniversary of operations in Nigeria.
The development comes amid growing concerns within the aviation industry over rising operational costs, particularly the surge in Jet A1 fuel prices, which has put significant pressure on airline operators and raised fears of service disruptions.
Earlier, the Minister of Aviation and Aerospace Development, Festus Keyamo, announced a series of Federal Government interventions designed to ease the financial burden on airlines.
Keyamo disclosed that the President had approved concessions, including discounts on certain outstanding charges owed by airline operators to the Federal Government. According to him, the measures are intended to provide immediate relief to the sector and ensure the continued stability of air transport services.
Speaking during the engagement with the British Airways delegation, Tinubu said his administration had prioritised the resolution of financial obligations inherited from previous years.
“You’ve seen that since I assumed office, the outstanding liabilities and other issues affecting our relationship are being addressed by the Central Bank of Nigeria. We are committed to strengthening these ties,” the President stated.
He reiterated Nigeria’s readiness to deepen economic cooperation with the United Kingdom, especially in aviation and other strategic sectors of mutual interest.
Industry analysts say the clearance of the forex backlog is expected to improve airlines’ confidence in the Nigerian market, stabilise ticket pricing structures, and encourage increased international flight operations into the country.
The move is also seen as part of ongoing reforms by the Tinubu administration to reposition Nigeria’s aviation industry for growth, enhance investor confidence, and prevent disruptions in international air travel.
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