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Trapped Funds Of Foreign Airlines In Nigeria Hit $812million — International Association, IATA

IATA

International Air Transport Association (IATA) on Monday said Nigeria is withholding a humongous $812million airline funds meant for repatriation, according to a report by Sahara reporters.

This comes as Africa’s most populous country leads 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.

Funds not repatriated climbed by 47% from $1.55 billion in April of previous year, according to the statement.

Walsh urged governments to find long-term solutions to ensure aviation industry maintain connectivity.

Walsh was quoted as saying, “Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets. Governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation.”

He also asked nations to follow international treaties and accords in order for airlines to be able to repatriate revenues from the sale of tickets, cargo space, and other businesses.

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