Foreign Airlines Trapped Funds In Nigeria Hits $783m- IATA

International Air Transport Association (IATA), has said foreign airlines funds trapped in the Central Bank of Nigeria (CBN), has reached $783 million.

IATA, however, applauded the commitment of the Federal Airports Authority of Nigeria (FAAN) to improving infrastructure and service levels at the international wing of the Murtala Muhammad Airport, Lagos.

Speaking during an interactive session with the minister of Aviation and Aerospace Development, Festus Keyamo, the  regional vice-president for Africa and Middle East, Kamil Al Awadhi, 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.

He said, “As of August 2023, Nigeria accounts for $783 million of airline blocked funds.”

Al Awadhi, however, stated that IATA stands ready to support FAAN with expertise to ensure international standards are met through corrective action plans.

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“We welcome FAAN’s commitment to upgrade Lagos airport. It is the main domestic and international hub connecting Nigeria with the rest of Africa and beyond and needs to keep up with demand. This strategic focus not only enhances the aviation sector but also serves as a catalyst for Nigeria’s broader economic and social advancement.

“IATA stands ready to support the FAAN with expertise to ensure international standards are met through the corrective action plan.

“Safety, security, and efficient infrastructure are critical for a well-functioning air transport system. So is the ability of airlines to have access to the revenues they generate in Africa.

These priorities are among the key elements addressed under IATA’s Focus Africa initiative to strengthen aviation’s contribution to Africa’s economic and social development. Nigeria’s focus on these issues reinforces their position among the leaders of African aviation,” Al Awadhi said.