\n
Nigeria has cleared 98 percent of blocked airline funds that have been held in the West African country for years.<\/p>\n
At its peak in June 2023, Nigeria\u2019s blocked funds amounted to $850 million, significantly affecting airline operations and finances in the country.<\/p>\n
Carriers faced difficulties in repatriating revenues in US dollars, and the high volume of blocked funds led some airlines to reduce their operations and one carrier to temporarily cease operations to Nigeria, which severely impacted the country\u2019s aviation industry.<\/p>\n
However, as of April 2024, 98% of these funds have been cleared. The remaining $19 million is due to the Central Bank\u2019s ongoing verification of outstanding forward claims filed by the commercial banks.<\/p>\n
Kamil Alawadhi, IATA Regional Vice-president for Africa and Middle East, briefing the African Media at the ongoing 80th IATA Annual General Meeting and World Air Transport Summit in Dubai, was optimistic that the clearing of the blocked funds will lead to lower fares and increased competition in Nigeria going forward.<\/p>\n
\u201cNow automatically they will start dropping the airfares. You will see that airfares are actually generally quite expensive in Nigeria. We are going to see increased competition [ with the clearing of the blocked funds].\u201d<\/p>\n
He commend the new Nigerian government and the Central Bank of Nigeria for their efforts to resolve this issue.<\/p>\n
Willie Walsh, IATA\u2019s Director-General, in a statement noted that individual Nigerians and the economy will all benefit from reliable air connectivity for which access to revenues is critical. \u201cWe are on the right path and urge the government to clear the residual $19 million and continue prioritizing aviation,\u201d said Mr. Walsh noted.<\/p>\n
Return of Emirates<\/strong><\/p>\nDubai-based Emirates is to resume flights to Nigeria\u2019s commercial capital, Lagos, effective October 1, 2024. The Dubai-Lagos-Dubai service will be operated using a Boeing 777-300ER.<\/p>\n
Emirates Airlines suspended its flights to Lagos in 2022 over its inability to repatriate its fund from the West African country.<\/p>\n
Source:\u00a0<\/strong>aviationghana.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Nigeria has cleared 98 percent of blocked airline funds that have been held in the West African country for years. At its peak in June 2023, Nigeria\u2019s blocked funds amounted to $850 million, significantly affecting airline operations and finances in the country. Carriers faced difficulties in repatriating revenues in US dollars, and the high volume […]<\/p>\n","protected":false},"author":1,"featured_media":186168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-186167","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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