IATA Disappointed

IATA Blames Nigeria as Foreign Airlines' trapped funds hit $464 million 

ZAINAB JUNAID

The International Air Transportation Association (IATA) has expressed dissatisfaction over Nigeria’s position towards the repatriation of foreign Airlines trapped funds which has increased from $450 million in May to $464 million in July 2022. 

IATA declared this, few hours after Emirates Airlines announced the suspension of all its Nigerian routes starting from September 1, 2022, as the carrier said it could not continue flights to Nigeria, lamenting its trapped $85 million.

IATA’s Regional Vice-President for Africa and the Middle East, Kamil Alawahdi in a statement on Thursday expressed disappointment with Nigeria as the amount of airline money blocked from repatriation by the Nigerian government grew to $464 million in July.

His words, “IATA is disappointed that the amount of airline money blocked from repatriation by the Nigerian government grew to $464 million in July.

This is airline money and its repatriation is protected by international agreements in which Nigeria participates. 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 cannot be expected to fly if they cannot realize the revenue from ticket sales. Loss of air connectivity harms the local economy, hurts investor confidence, and impacts jobs and people’s livelihoods. It’s time for the Government of Nigeria to prioritize the release of airline funds before more damage is done.”