Foreign Airlines’ Trapped Funds In Nigeria Up $14 million In Two Months – IATA

The International Air Transportation Association (IATA) said it is disappointed at the Nigerian government over the repatriation issue foreign airlines are experiencing in the country.

IATA said due to foreign airlines inability to repatriate their funds, the total amounts the international companies are trying to takeout of Nigeria has increased to $464 million as of July.

The funds increased by $14 million within two months, from the $450 million recorded in May 2022. IATA said the government need to find a way to assist foreign airlines to repatriate their money to prevent the situation from affecting the aviation sector.

Already, Emirates Airlines have disclosed that it will be halting flight operation into Nigeria by September 1, 2022, if the government doesn’t help with repatriation of its funds stuck in Nigeria.

In its statement released on Twitter, on Thursday, IATA, said, “IATA is disappointed that the amount of airline money blocked from repatriation by the Nigerian government grew to $464 million in July.”

It added that, “IATA’s many warnings that failure to restore timely repatriation will hurt Nigeria with reduced air connectivity are proving true with the withdrawal of Emirates from the market.

“Airlines can’t be expected to fly if they can’t realise revenue from ticket sales. Loss of connectivity harms the economy, hurts investor confidence, impacts jobs and people’s lives.”