$1.68bn foreign airlines’ funds trapped in Nigeria, others – IATA

 

The International Air Transport Association has said that $1.68 billion of airlines’ funds are trapped across Africa as of September 2023 out of a global total of $2.36 billion.

The Regional Vice-President for Africa and the Middle East, Kamil Alawadhi, disclosed this Thursday during the African Airlines Association 55th Annual General Assembly in Uganda.

According to him, the development had negatively impacted the growth of foreign airlines in the continent.

He said operators have been in touch with governments on the continent to ensure the release of trapped funds.

“As of September, $1.68 billion of airline funds are blocked across Africa out of $2.3 billion globally.

“The numbers are alarming, and this impact on connectivity is devastating,” he said.

The Central Bank of Nigeria has in the first week of November commenced the clearing of a $10 billion forex backlog to commercial banks and airline operators.