Airlines might exit Nigeria over $802m trapped funds – IATA warns
Airlines may cease operations, according to a warning from the International Air Transport Association, due to $802 million in trapped money in Nigeria.
The Nigerian government was forewarned by the Swiss-based Airlines Association, IATA, that the scenario might impede air connectivity, economic expansion, and the rise of the nation’s aviation industry.
IATA Director-General Willie Walsh gave a speech on Monday to introduce “Focus Africa,” a fresh effort to boost aviation’s contribution to Africa’s economic and social growth.
Additionally, the endeavor will increase the connectivity, reliability, and safety of both shippers and passengers.
Airlines and IATA are concerned that this could cause them to reduce their service in the nations that are preventing the flow of funds. The expansion of African aircraft may be impacted, Walsh said.
IATA Chairperson-designate and RwandAir CEO Yvonne Makolo reportedly stated that Nigeria has the highest amount of blocked funds in both Africa and the globe.
She stated that Nigeria has $802 million of the $1.6 billion in blocked money in Africa.
