The International Air Transport Association says that its members’ trapped funds in Nigeria account for $783 million as of August 2023 from $814 million in June.
In a statement, IATA’s Regional Vice-President for Africa and the Middle East, Kamil Al Awadhi, disclosed this recently.
He commended the recent commitment by the Minister of Aviation and Aerospace Development, Festus Keyamo, to tackle the issue of foreign airlines’ blocked funds in Nigeria.
Mr Al Awadhi also met with Nigeria’s new Minister of Aviation and Aerospace Development, the Honorable Minister Festus Keyamo, during which he called on the new government for continued, but closer, consultation with the industry while developing short- and long-term solutions for foreign exchange access to both domestic and foreign carriers.
As of August 2023, Nigeria accounts for $783m of airlines’ blocked funds.
Media Talk Africa recalls that the issue of airlines’ trapped funds had lingered for long due to Nigeria’s foreign exchange scarcity.
As a solution, Minister Keyamo last week said he directed the Central Bank of Nigeria to hold quarterly reconciliation meetings intending to resolve the issue of foreign airline trapped funds.
