Trapped Funds Of Foreign Airlines In Nigeria Drop To $783m – International Association, IATA

The International Air Transport Association (IATA) has claimed that its members’ trapped funds in Nigeria are at $783 million as of August as against $814 million in June.

This was disclosed in a statement by the IATA’s Regional Vice-President for Africa and the Middle East, Kamil Al Awadhi

He commended Festus Keyamo, Minister of Aviation and Aerospace Development, for his recent commitment to address the issue of foreign airlines’ stuck funds in Nigeria.

Mr. Al Awadhi also met with Keyamo, during which he urged the new government to continue, but more closely, consult with the industry while developing short- and long-term solutions for both domestic and foreign carriers’ foreign exchange access.

In June, trapped funds of foreign airlines in Nigeria hit $812million.
This was when Africa’s most populous country led a group of five countries that account for 68% of all blocked payments globally.

Willie Walsh, the Director-General of IATA, said this in a statement, adding that the airlines’ funds prohibited from repatriation internationally climbed to $2.27 billion in April 2023.
Bangladesh, Algeria, Pakistan, and Lebanon are the other four countries.

✍️ Saharareporters