International Air Transport Association has said that as of August 2023, Nigeria accounts for $783m of airlines’ blocked funds.

This was contained in a statement by the trade association which said that the IATA’s Regional Vice-President for Africa and Middle East, Kamil Al Awadhi, has had engagements with the Federal Government to resolve the situation.

Foreign airlines operating in the country have been unable to repatriate their commercial revenue amid a protracted scarcity of forex.

The statement read in part, “Al Awadhi also met with Nigeria’s new Minister of Aviation and Aerospace Development, 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.”

Punch